Quick one: Do Olympians get to keep their gold medals?

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The Olympics is in full swing. But as we continue to cheer on our Aussie athletes as they go for gold, we have some burning questions.

It’s no secret that the athletes in France are among the best in the world, dedicating their lives to training and competing for their country. While the honour of representing one’s nation on the world’s biggest stage is priceless, it does raise curiosity about what they receive in return.

Watch: Surprising Olympic Partners. Post continues below.

We dug into the details to find out if Olympic athletes keep their gold medals, if there’s any prize money involved, and what other incentives await them.

Do the Olympic athletes get to keep the gold medals?

Image: Getty.

There’s no such thing as a stupid question, and while the answer to the above may seem obvious, it’s something we’ve all asked ourselves at least once.

Thankfully, athletes do get to keep their Olympic medals — after all, they’ve worked extremely hard for it. These medals not only symbolise their athletic achievements but also hold significant sentimental value.

While the medals are referred to as “gold,” it’s important to note they’re predominantly made of silver with a gold plating.

Still, that doesn’t diminish their status as one of the most coveted awards in the world. Even if they were made from cardboard, we’d proudly display them in our trophy cabinet.

Do the Olympic athletes receive prize money?

Image: Getty.

While the International Olympic Committee (IOC) doesn’t offer any monetary rewards to medallists, many countries and sports federations do provide financial incentives and medal bonuses.

Earlier this year, World Athletics made headlines by allocating US$2.4 million (AU$3.7 million) in prize money for the Paris Olympics.

This sum will be divided among the gold medal winners across 48 track and field events, marking a historic occasion as the first time an international federation has offered prize money at an Olympic Games.

This means that each track and field gold medallist can expect a $50,000 reward in addition to all the acclaim and publicity that comes with winning an Olympic medal.

Certain countries also provide additional incentives to their champions. In the United States, all gold medalists receive $37,500 through the US Olympic & Paralympic Committee’s Operation Gold Program.

Hong Kong plans to award its gold medallists over $750,000, while Singapore is prepared to grant S$1,000,000 (approximately AU$737,000) to its gold medallists, with the caveat that the amount is taxable and requires a donation back to the sport.

What do Australian Olympic medalists receive in medal bonuses?

Image: Getty.

Our Aussie athletes are also treated very well by the Australian Olympic and Paralympic Committee.

All Australian athletes who win a medal at the Paris Games will qualify for funding from the Australian Olympic Committee’s Medal Incentive Fund (MIF).

This initiative serves as an incentive to retain these exceptionally talented athletes in the sport, providing financial support annually from the year they win a medal until the next games.

Gold medalists will receive $20,000, silver medalists $15,000, and bronze medalists $10,000. However, each athlete is eligible for only one payment, regardless of the number of medals they’ve won.

Athletes also benefit from government grants. The Australian Institute of Sport (AIS) provides means-tested grants of up to $17,500 every six months to athletes with medal potential, allowing them to claim up to $35,000 annually.

Additionally, AIS and Commonwealth Games Australia have introduced an $8,000 grant to assist with travel, medical, or training-related expenses.

Beyond these, Australian athletes have significant earning potential through private and personal sponsorships. For instance, Gina Rinehart offers a private quarterly grant of up to $8,000 for Olympic hopefuls in swimming.

While it’s not comparable to the earnings of some of our professional sporting stars, it still provides crucial support, allowing our Olympic athletes to maintain their focus on training.

How much do Australian Olympians get paid per year?

Image: Getty.

This is a tricky question to answer, mainly because Australian Olympians do not receive a consistent salary. Their earnings can fluctuate based on factors such as their sport, performance, and ability to secure sponsorships.

Many athletes work full-time or part-time alongside their training, and some face financial challenges as they juggle their athletic pursuits with other jobs.

For most athletes, the pursuit of Olympic glory is driven more by passion and national pride than financial rewards.

Read more on the Olympics here:

• Everything you need to know about watching the Paris 2024 Olympics.
• The Matildas are throwing everything into winning the Olympics. This is how to tune in to watch them do it.

Feature Image: Getty.

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