More than 2,300 athletes from over 60 sports took part in the study by the Australian Sports Foundation (ASF) which laid by bare the financial struggles and mental health issues facing those in sport.

Brisbane is set to stage the Olympics in nine years’ time but the survey, entitled "Running on Empty", found that 43 per cent of athletes that are viewed as hopeful for the Games are considering leaving their sport.

It also revealed that two thirds of elite athletes aged between 18 and 34 are thinking about quitting and half of Commonwealth Games athletes have considered giving up their sport.

The study highlighted the financial pressures in sport, with the average annual income for elite athletes found to be between AUD$23,000 (£11,800/$14,800/€13,700) and AUD$49,000 (£25,000/$31,600/€29,100), while three in five Commonwealth Games competitors said that they were earning less than AUD$23,000 a year.

Mental health was another issue highlighted in the study, with 36 per cent of female athletes claiming that it had worsened.

"Australia prides itself on the performance of its elite athletes, but this report shows they’re not getting the assistance they need to reach their full potential," Patrick Walker, chief executive of the ASF, said.

Australia’s double Olympic swimming gold medallist Bronte Campell admitted the survey’s findings were "extremely concerning".

Natalie Cook, who was part of the Australian women’s beach volleyball team that won gold at Syndey 2000, claimed that she had "known for a long time that our national hero athletes are running on empty".

"It is quite stressing for me knowing that in nine years’ time we have the greatest sporting event in the world coming to Brisbane – the Olympic and Paralympic Games," said Cook in a report by the Courier Mail.

"Just wondering how we’re going to find the best athletes when nearly half of them are considering retiring because they can’t afford it."

The Australian Olympic Committee (AOC) said that the ASF’s study "shines a light on significant issues facing our rising sports stars", which it says is down to increasing costs of competing.

AOC chief executive Matt Carroll reiterated that the AOC had identified a shortfall of AUD$2 billion (£1 billion/$1.3 billion/€1.2 billion) in state funding through to Brisbane 2032 and insisted that "we cannot afford to see these inspiring young athletes walk away from their dreams".

"This latest ASF survey brings this message back to the individual level," said Carroll.

"Financial pressure, impacts on athletes mental health and the risks of athletes exiting their sports as a consequence, is of huge concern.

"We are working with the Government and the Australian Sports Commission on a new sport investment model.

"The AOC will also work with the ASF to develop a co-ordinated initiative to educate athletes and make it easier for them to utilise the ASF fundraising platform - asf.org.au to raise funds to support their athletic aspirations.

"The ASF fundraising platform allows them access to funds raised through philanthropic donation and is the only mechanism through which donors can make a tax-deductible contribution to the supporting Australian athletes in their Olympic dreams."

The full survey can be found here.