For the first time in the world, women footballer in Australia's national team will be paid the same as their male counterparts.
The Football Federation Australia (FFA) and Professional Footballers Australia (PFA) formally announced the deal on Wednesday that closes the pay gap between women's players from the national side, the Matildas, earning an equal salary to their counterparts in men's team, the Socceroos.
The new four-year deal, known as the Collective Bargaining Agreement (CBA), will see Matildas receive a 24 per cent share of an agreed aggregate of national team generated revenues in 2019-20, rising by one per cent each year of the four-year deal.
While historically the Socceroos have been allocated a greater share of commercial revenues, the new terms will be the same for both teams.
Also included in the deal, the Matildas will now fly business class for international travel -- the same standard afforded to the men -- and the amount of World Cup prize money allocated to the players will increase from 30 to 40 per cent, jumping to 50 per cent if they reach the knockout stage of the competition.
"Football is the game for everyone, and this new CBA is another huge step toward ensuring that we live the values of equality, inclusivity and opportunity," FFA Chairman, Chris Nikou said.
"For the first time, player remuneration will be directly tied to the revenues generated by our National Teams -- this will create a sustainable financial model that incentivises players and FFA to collaborate and grow the commercial pie together."
"It means whether you are a male or female, the value football places on your jersey is no different. We are proud to break this new ground in Australian and world sport," he added.
"This agreement is the product of generations of Matildas and their supporters advocating for real change," Former Matilda and FFA Head of Game Development, Sarah Walsh said.
"This moment belongs to all of them as well," she added.
The allocation of any prospective World Cup prize money to players has been increased.
Under the new CBA, players are entitled to 40 per cent of prize money on qualifying for a FIFA World Cup, representing an increase from 30 per cent. That share of prize money increases to 50 per cent if they progress to the knockout stage of the competition.
"This is a unique deal in world football and we believe sets the model for where all federations and players - male and female - can take the game to unlock the incredible social and commercial opportunity that, in particular, women's football presents," said John Didulica, PFA Chief Executive.