The AOC announced today that AUD$2.37 million (£1.3 million/$1.7 million/€1.5 million) will be distributed based on athletes medal results at major events in 2018, such as World Championships.

The framework was agreed with national governing bodies, according to the AOC.

A total of 192 athletes are due to receive funding this month.

Funding is based on results at World Championships or other equivalent events nominated by their National Federation.

Athletes will receive AUD $20,000 (£11,000/$14,000/€12,500) for a gold medal, while silver and bronze medal winners will receive AUD$15,000 (£8,000/$10,700/€9,000) and AUD$10,000 (£5,000/$7,000/€6,300) respectively to assist their preparations for Tokyo 2020.

Each athlete is only eligible for one medal incentive funding payment per year, so an athlete’s best result is used if they win multiple medals.

Members of medallist teams and other combinations like relay teams are eligible for the same funding as individual medallists based on the Olympic team squad size.

"Australian athletes are working tirelessly as they build towards Tokyo 2020 and the AOC’s medal incentive funding will assist in their preparation," Matt Carroll, chief executive of the AOC, said.

"Investing in athletes helps ensure athletes and sports are positioned to give the Games their best shot.

"This funding, which is provided by the AOC on top of athletes’ other funding sources, will have a meaningful impact on athletes and allow them to continue to focus on achieving their Olympic dreams."

Australian athletes won a total of 18 gold, 19 silver and 20 bronze in Tokyo 2020 disciplines in benchmark events in 2018, the AOC revealed.

The organisation claimed this ranked Australia fifth in the world in those designated events, behind only the United States, China, Japan and Russia.

Ian Chesterman, Australia’s Chef de Mission for Tokyo 2020, claimed the results are a good indication prior to next year’s Olympic Games.

"Full credit to our athletes who performed at a very high level throughout 2018," he said.

"Fifty-seven medals across 17 sports confirms that the athletes are tracking well just 18 months out from the Tokyo Olympics.

"Of course, everyone knows that competitors from many countries will step up as the Games get closer, but our athletes and our sports should take heart from showing they are capable of producing world class performances in the lead up to the 2020 Games and they deserve every encouragement.

"It’s particularly good to see Australians performing so well in events that will make their Olympic debut in Tokyo, like the mixed team triathlon, surfing and skateboarding."

Athletes from archery, athletics, basketball, beach volleyball, cycling, diving, football and hockey are set to benefit from medal incentive funding.

Athletes in rowing, rugby sevens, sailing, skateboarding, surfing, swimming, triathlon and water polo are also due to receive funding following medal success last year.

AOC President John Coates last year agreed with a call to end medal targets at the Olympic Games.

Australian athletes had failed to meet medal targets at recent Olympic Games.

Before the 2016 Olympics in Rio de Janeiro, the AOC set a target of 13 gold medals in an overall tally of 37.

The Australian team returned from the Games in the Brazilian city with 29 medals, including eight golds.

It saw them finish 10th on the medals table, their lowest result since Barcelona 1992. 

The country claimed three Olympic  medals at Pyeongchang 2018, the same amount they achieved four years earlier in Sochi.

Coates claimed that athletes had benefited from no medal targets being set for the Games, insisting it allowed athletes to "express themselves".

The AOC claimed in November that funding cuts from would create enormous problems prior to Tokyo 2020.

Their declaration came after the Australian Institute of Sport confirmed a number of sports have been granted increases but others in lower medal chance disciplines had been slashed.

The recipients of medal incentive funding programme backing can be found by clicking here.