A total fund of AUD$20 million was announced by Federal Minister for Sport Anika Wells ©Getty Images

The Federal Government of Australia has announced extra funding to support athletes preparing for the Paris 2024 Olympic and Paralympic Games.

A total fund of AUD$20 million (£10.4 million/$13.4 million/€12.1 million) was announced by Federal Minister for Sport Anika Wells which will be allocated towards meeting travel and accommodation expenses in overseas competitions as athletes try to qualify for Games in Paris.

"Our Olympic and Paralympic sports have been telling us that getting their athletes to key preparation and qualification events has been a challenge and we’ve listened," Wells said.

"Through the Australian Sports Commission, we’re proud to be able to invest further in our athletes that inspire millions of Australians when they represent us on the world stage.

"It is the ultimate honour to represent your country and now more Australians will have more chances to become Olympic and Paralympic medallists."

The funding will be delivered in two streams, with the first one providing a pool of AUD$15.223 million (£7.9 million/$10.2 million/€9.2 million) in a direct one-off grant payment to 32 eligible sports.

Archery Australia, Artistic Swimming Australia, Athletics Australia, AusCycling, Australian Sailing, Australian Taekwondo, Australian Weightlifting Federation, Badminton Australia, Basketball Australia, Boccia Australia, Combat Institute of Australia, Diving Australia, Equestrian Australia, Football Australia, Golf Australia, Gymnastics Australia, Hockey Australia, Judo Australia, Modern Pentathlon Australia, Paddle Australia, Paralympics Australia, Rowing Australia, Rugby Australia, Shooting Australia, Skate Australia, Sport Climbing Australia, Surfing Australia, Swimming Australia, Table Tennis Australia, Triathlon Australia, Volleyball Australia, and Water Polo Australia are the stream one recipients.

A competitive grant programme worth AUD$4.833 million (£2.5 million/$3.2 million/€2.9 million) has been planned for stream two.

Eligible high-performance sports will be able to apply for additional funding, with successful applicants to be announced in August.

The Australian Olympic Committee (AOC) has thanked the Government for its support with its chief Ian Chesterman saying the announcement will be a huge relief for athletes.

"We are enormously grateful for the Federal Government’s support of our sports and athletes as they look seek to qualify for Paris," Chesterman said.

"Every Australian athlete who wants to represent our country in Paris has to travel to qualify.

"Travel costs are through the roof.

"So, this additional support from the Federal Government will help athletes pursue their dream of representing us all at the 2024 Olympics.

"We think an Australia with more Olympians is a better Australia.

"We know everyone on the team will inspire their clubs, their communities and our country.

"We now expect Australia again will have one of the five biggest teams next year.

"This new funding is vital.

"Paris is the first stop on the road to Brisbane and if we want home Games success that has to start now."

The Australian Sports Commission will be responsible for administering the funds.