The Australian Olympic Committee (AOC) has announced that the cash injection is part of its Medal Incentive Funding (MIF) based on podium results achieved at last year's Olympics in Tokyo.

Australia ranked sixth in the medal standings at Tokyo 2020 with 17 golds, seven silvers and 22 bronzes.

A total of 108 athletes from 15 Olympic disciplines are due to receive payments, with AUD20,000 (£11,200/$14,600/€13,300) for gold, AUD15,000 (£8,400/$11,000/€10,000) for silver and AUD10,000 (£5,600/$7,300/€6,700) for bronze.

More than half of those had also received funding throughout the Tokyo quadrennial due to podium results at benchmark events, according to the AOC.

It also claimed that it had distributed more than AUD10 million (£5.6 million/$7.3 million/€6.6 million) in MIF directly to athletes to support their Olympic campaigns since Rio 2016, with the AUD1.485 million representing the first payments of the Paris quad.

The MIF scheme aims to provide athletes with a financial incentive to keep training and preparing for the Olympics.

AOC chief executive Matt Carroll said the MIF programme was helping Australian athletes pursue their Olympic podium dreams.

"The Medal Incentive Funding programme is putting money directly into athletes' hands to support their training and preparation to succeed at the next Olympic Games," said Carroll.

"While the exploits of the Australian team in Tokyo are still fresh in our minds, Paris is less than 30 months away and hundreds of Australian athletes are already dreaming of wearing the green and gold in 2024.

"This AUD1.485 million comes from the AOC through the support of our partners and foundation and will help athletes to train, travel and prepare for Paris.

"Hundreds of Australian athletes received MIF funding throughout the Tokyo quad, and with the shortened timelines between Tokyo and Paris, the funding and support for athletes will be even more crucial to providing the best opportunity for success in 2024.

"This isn't a one-off payment or reward for past performances, but an ongoing annual programme that incentivises and funds Australian athletes to achieve their absolute best on the biggest stage."

The medal haul at Tokyo 2020 was Australia’s best since Athens 2004 when it achieved 17 golds, 16 silvers and 17 bronzes.

"We saw first-hand the positive impact MIF payments had on athletes ahead of the Tokyo Olympics and this funding will help athletes stay at the top of their game as they build towards Paris 2024," said Ian Chesterman, Australia’s Chef de Mission at Tokyo 2020.

"The team in Tokyo set an incredibly high benchmark and I look forward to following Australian athletes' progress in the next two years to Paris."

Mariafe Artacho del Solar, who claimed women's beach volleyball silver along side Taliqua Clancy at Tokyo 2020, said the funding played a vital role for athletes chasing their Olympic ambitions.

"The Medal Incentive Funding has a huge positive impact," added Artacho del Solar.

"It's motivation to keep working hard and training, to keep going for that success.

"To be at the top level in beach volleyball we need to compete internationally - there's so much involved and the costs add up, travelling, accommodation, venue hire, training, food, health support and more all while being away from home for months at a time.

"Not having much international competition in 2020 and 2021 made it even tougher - our main income is from tournament prize money, so the Medal Incentive Funding gave us a lot of relief and motivation to stay focused and stay in it."