The survey by the Australian Sports Foundation (ASF), a charity that raises money for sport, found that 46% of elite competitors were living on less than A$23,000 a year.

Many of the 2,304 athletes surveyed said the situation was getting worse as the cost of accommodation and travel rose, while two-thirds of female athletes said their mental health had been impacted by the stress of trying to make ends meet.

Worryingly for Australian hopes of a good showing at the Brisbane Olympics, the survey revealed that 43% of athletes hoping to compete at the 2032 Summer Games had considered giving up their sports.

“We cannot afford to see these inspiring young athletes walk away from their dreams,” AOC chief executive Matt Carroll said in a statement.

“Financial pressure, impacts on athletes mental health and the risks of athletes exiting their sports as a consequence, is of huge concern.”

In March, Carroll said that the AOC had identified an A$2 billion shortfall in sports funding over the 10 years to 2032 and urged the government to make it up or risk failure at the Brisbane Games.

Last month, the government announced the establishment of an A$20 million fund to help Australian athletes prepare for next year’s Olympics and Paralympics in Paris.

The government recently announced an A$200 million increase in funding for women’s sports after the success of the Australian women’s football team in reaching the semifinals of the Women’s World Cup the country co-hosted.

The national and Queensland state governments have also pledged to pour in some A$7 billion for the construction of venues for the 2032 Olympics.