OLYMPICS: Australia launches new athlete fund ahead of 2032 Games

The Australian Olympic Committee (AOC) announced on Thursday a new A$50 million ($33.34 million) funding initiative to support athletes in the lead-up to the 2032 Brisbane Olympics. The program includes retirement grants for Olympians and financial support to help athletes return to elite competition after having children.

The Olympic Futures Fund, seeded with a A$20 million grant from the Australian Olympic Foundation (AOF), will provide A$5,000 to every athlete selected for the Olympics from next year’s Milano Cortina Winter Games through to the 2032 Brisbane Games.

To encourage athletes to compete in multiple Olympic Games, the fund will offer a means-tested retirement grant of A$32,000 per Games, to be paid in installments 16 years after the athlete has competed.

Additionally, the Return to Olympic Sport Grant provides a starting A$10,000 to mothers returning to competition after the birth of each child.

“Olympians don’t do it for the money, but there’s a financial sacrifice involved,” AOC President Ian Chesterman said in a statement. “Many athletes reach the end of their careers with very little financially, and this contribution will make a difference to their retirement. These grants reflect our ambition to contribute meaningfully to the Olympic Movement’s shared priorities, empowering athletes, strengthening gender equity, and ensuring that major Games leave lasting legacies.”

Canoeist Alyce Wood, who competed in her third Olympics in Paris last year after the birth of her first daughter Florence in 2022, described the grants for mothers as a “game-changer.”

“It actually acknowledges what athletes are dealing with and gives them the support they need to build long, sustainable careers in sport,” Wood said. “For so many women, becoming a parent doesn’t have to mean the end of their Olympic career, and this grant makes that path clearer, fairer, and much more achievable. It helps make coming back to high-performance sport genuinely possible.”

The Australian Olympic Foundation was established ahead of the 2000 Sydney Olympics, when former AOC President John Coates convinced the government to ring-fence A$88 million of the Games’ proceeds.

The AOF now has net assets of A$200 million, even as it is on track to disburse A$195 million by the end of this year. Cash from the Olympic Futures Fund, which will also be supported by philanthropic contributions, will supplement existing AOC grants and federal government funding for Olympic athletes.

In late 2024, the Australian government committed a record A$385 million for high-performance sport over 18 months, aiming to prepare the country for a strong showing at the 2032 Olympics and Paralympics on home soil. -Nick Mulvenney/Reuters