Sofia Kenin claimed her first Grand Slam title on Saturday, with the American starlet producing a comeback to beat Garbine Muguruza in three sets.
Both champions collected winnings of $2,853,100 (£2,177,512) for their victories from the $49.2 million (£37.3 million) prize pot, according to the Women's Tennis Association's official website.
Thiem and Muguruza both take away $1,430,012 (£1,091,704) for finishing as competition runners-up.
2020 Australian Open Singles Finals
Novak Djokovic bt. Dominic Thiem: 6-4, 4-6, 2-6, 6-3, 6-4
Sofia Kenin bt. Garbine Muguruza: 4-6, 6-2, 6-2
Full tournament payouts can be found via the WTA.
Djokovic Wins Eighth Aussie Crown
Thiem produced an impressive display against a tennis legend on Sunday, but Djokovic's extraordinary powers of recovery helped claim yet another Melbourne Park title for the iconic Serb.
It was Djokovic's 17th Grand Slam success, but it appeared he might fall to the Austrian, who now has the unwanted record of losing three Grand Slam finals.
Djokovic was forced to call on the doctor twice during the encounter, but the 32-year-old dug deep to power through after losing two sets to trail 2-1.
The No. 5 seed took time to settle as he dropped the opening set. However, Djokovic failed to maintain his own form, while Thiem raised his game and threatened to beat the champion.
The eventual runner-up won the second set 6-4 and grabbed the third 6-2, and it appeared a shock was on the cards.
Thiem received incredible support from the Australian crowd, but Djokovic responded to adversity and found a way to overcome his younger opponent.
The No. 2 seed left it late in the fourth to earn a decisive break of serve, helping him level the match at two sets apiece, but the final set saw the champion break his opponent early. Djokovic held firm from that moment and held his serve four times to win the title.
On Saturday, Kenin collected her first major title after producing a stunning display against the more experienced Muguruza.
The 21-year-old took the next step in her development, and her Melbourne victory sees her move closer to the superstar status that should soon be hers.
Muguruza has recovered her best form in recent weeks to climb the mountain again after a difficult spell since winning the 2017 Wimbledon title, but despite dominating the opening set, she didn't have enough to halt the prodigy at the other end of the court.
The unseeded player broke the American twice in the opener, but Kenin's aggression and perseverance helped her over the line in a fightback. Kenin broke Muguruza's serve twice in each of the last two sets, and the No. 14 seed held her nerve to become the youngest Aussie champion since Maria Sharapova in 2008.