Australian swimmers competing at the Commonwealth Games in Glasgow will have the opportunity to earn substantial bonuses, thanks to a new incentive scheme funded by Gina Rinehart, Australia's richest person.

Under this scheme, swimmers can earn up to A$50,000 ($35,000) for individual gold medals achieved in world record times. The breakdown of the incentives is as follows:

• A$20,000 (£10,500) for gold medals
• A$15,000 (£7,880) for silver medals
• A$10,000 (£5,250) for bronze medals
• Relay swimmers can earn between A$2,500 (£1,312) and A$5,000 (£2,625) for podium finishes
• An additional A$30,000 (£15,750) for setting a world record

Rinehart stated, "These bonuses are a way of Australia saying thank you and showing the appreciation our athletes deserve for bringing our country such a sense of pride and achievement." She emphasized the uplifting feeling of seeing Australian athletes stand on the podium with the national flag raised.

Among the athletes likely to benefit from this initiative is Mollie O'Callaghan, a leading contender in the 100 and 200 metres freestyle, as well as the 50 metres backstroke.

Rinehart and her company, Hancock Prospecting, have been significant supporters of Australian swimmers, a sport where cash prizes are often scarce. For context, the global governing body World Aquatics distributed only $4.38 million (£3.29 million) in prize money at its events last year, with $20,000 (£15,000) awarded for gold medals at the world championships in Singapore.

Cameron McEvoy, an Olympic gold medallist, expressed disappointment over not receiving any prize for breaking the men's 50 metres freestyle world record earlier this year. He aims to secure his first individual Commonwealth Games title in Glasgow after winning minor medals in 2014 and 2018.