‘A game changer’: AOC builds for Brisbane 2032 with $50 million backing of Australian athletes

21 hours ago 3

The Australian Olympic Committee will dip into its $200 million war chest to provide new financial backing to athletes to support their Games dreams.

The AOC on Thursday announced a projected $50 million investment for Olympians competing from the Milano Cortina Winter Games in February to the Summer Olympics in Brisbane in 2032.

Its new Olympian Futures Fund is to feature a $32,000 retirement grant for each Games an athlete represents Australia at, to be paid in instalments beginning 16 years later.

There is also a new $10,000 grant for female Olympians who embark on returning to the top level after having a child, and $5000 team selection payments totalling $7.6 million for all athletes selected in Australian teams at winter and summer Games up to and including Brisbane 2032.

The cash will be drawn from a seed investment from the Australian Olympic Fund, which was established by former AOC president John Coates in the lead-up to Sydney 2000 after he struck a deal with Olympics minister Michael Knight to secure an $88.5 million home Games legacy payment.

“This is the AOC’s most significant funding announcement since the Australian Olympic Foundation was established leading into Sydney 2000,” AOC president Ian Chesterman said.

Canoe racing Olympian Alyce Wood with her daughter, Florence.

“Olympians don’t do it for the money, but there’s a financial sacrifice involved. Many athletes get to the end of their careers and have very little financially and this contribution will make a difference to their retirement. They could use this money to go towards their home, their education, their superannuation or to support their families.”

Coates’ pre-Sydney play has guaranteed the AOC’s independence in the years since, with the Australian Olympic Foundation balance ballooning to $200 million after a quarter of a century of investment.

It has reached that level even though $195 million has been distributed to the AOC over those years for Olympic teams and programs.

The new fund means athletes pursuing their dreams over the next seven years will get a slice of the Olympic committee’s Sydney windfall.

The Australian Olympic Fund was established by former AOC president John Coates.

It is being launched with a $20 million injection from the Australian Olympic Foundation, which is forecast to more than double by the time retirement grants are handed out in the 2040s.

Athletes who compete at both the Los Angeles Olympics in 2028 and in Brisbane four years later would, for example, be eligible for $64,000 paid in instalments from 2044.

Making Australia a powerhouse in 2032 is a key driver of the initiative, and double Olympic gold medallist and Australian team chef de mission Anna Meares said the grants would encourage more athletes to work towards competing at multiple Games.

“This is putting value on the experience of our Olympians. The value has always been there, but now it is being financially recognised,” she said.

Lauren Jackson returned for the Pars 2024 Olympics.

“It took me until my third Games cycle to build a profile and confidence to be backed financially. And now the AOC is backing every Olympian from the get-go. That’s a really empowering shift for an athlete and it gives them a greater opportunity to go to more than one Games, to grow as an Australian Olympian and contribute to their career.”

The AOC said the grants for Olympians who had become mothers was developed in consultation with athletes such as distance runners Genevieve Gregson and Jessica Stenson, basketball great Lauren Jackson and canoeist Alyce Wood, who had each returned to competition after giving birth.

Women don’t have to earn Olympic selection again after having a child to be eligible for the grant, but do have to demonstrate a commitment to return to high-level sport.

“As someone who has come back to high-performance sport after becoming a mum, I know just how tough that juggle can be,” said Wood, who is deputy chair of the AOC Athletes Commission. “This grant is a real game changer.

“It actually acknowledges what athletes are dealing with and gives them the support they need to build long, sustainable careers, in sport and in whatever comes next.”

The AOC is also retaining its medal incentive funding which financial rewards for top-four finishes at the Olympics and world championships and up to $20,000 for a gold medal.

The Olympic committee’s move to back athletes in the build-up to Brisbane comes as chief executive Mark Arbib aims to attract more support for Olympians from wealthy Australians.

Mining billionaire Gina Rinehart has been a notable benefactor, tipping nearly $100 million into swimming, rowing, artistic swimming and volleyball since the 2012 London Olympics, much of it sponsoring Australia’s stars of the pool.