Australian Taekwondo has announced that this year's Grand Prix Final will be a medal incentive event for their athletes ©Australian Taekwondo

Australian Taekwondo has announced that this year's Grand Prix Final will be a medal incentive event for their athletes.

Competitors who podium at the season-ending tournament will receive funding from the Australian Olympic Committee (AOC).

The Grand Prix Final, the conclusion to World Taekwondo's flagship circuit, is due to take place in Fujarirah in the United Arab Emirates in December.

If any Australian wins a gold medal at the tournament they will receive incentive funding of AUD$20,000 (£11,000/$16,000/€13,000) while silver will earn AUD$15,000 (£8,500/$12,000/€9,500) and bronze AUD$10,000 (£6,000/$8,000/€6,000).

"Australian Taekwondo is pleased to advise that we have successfully applied for the 2018 World Taekwondo Grand Prix Final as the benchmark event for AOC medal incentive funding," a statement said. 

In June 2017, Australian Taekwondo received an extra AUD$200,000 (£116,000/$157,000/€130,000) in Government funding for the enusing year.

Safwan Khalil was Australia's most successful Rio 2016 Olympian in taekwondo ©Getty Images
Safwan Khalil was Australia's most successful Rio 2016 Olympian in taekwondo ©Getty Images

It was announced by the Australian Sports Commission and Australian Institute of Sports that the governing body will be given the money to help increase participation in taekwondo across the country.

Australia entered four athletes into taekwondo competition at the 2016 Olympic Games in Rio de Janeiro. 

Safwan Khalil, Hayder Shkara, Caroline Marton and Carmen Marton all competed for the country.

Khalil was the most successful, reaching the quarter-finals of the under-58 kilograms event, where he was beaten by Thailand's Tawin Hanprab.

A total of 16 athletes also competed at last year's World Championships in Muju in South Korea, without winning a medal.