Matildas great Heather Garriock has backed a new revenue-sharing deal which will see the Australian men's and women's sides split prize money evenly in a landmark agreement.
The FFA is set announce details of the new deal on Wednesday after reports emerged about Matildas and Socceroos players receiving the same percentage cut of commercial revenue and prize money.
The playing groups will share 40 percent of commercial revenue and prize money evenly, with total share of revenue associated with the national teams increasing from the 30 percent share under the previous agreement.
It's understood the Matildas will have three-tier contracts, meaning not all players will receive equal pay.
Canberra United coach Garriock, who was part of the first collective bargaining agreement, says it's a significant step towards bridging the pay gap.
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"It's momentous and it's great to see we're leading the charge in sports," Garriock said.
"I remember back in the day when we didn't have contracts and now we do. It's just fantastic to see our players are being looked after, after all these years.
"I was part of the very first collective bargaining agreement so I'm just really proud football has pushed on and they're getting looked after in a professional way now.
"It means from a playing perspective, the players feel a belonging and valued. It's only going to professionalise the sport."
Professional Footballers Australia and the Matildas launched a campaign to lift payments to female footballers on the eve of the Women's World Cup in France earlier this year.
FIFA was heavily criticised for offering female players $540 million less in prize money than was awarded at the men's tournament in 2018.
The Matildas pocketed $US1 million for reaching the knockout stages, while the Socceroos earned $US8 million for their group stage exit in Russia.
"I think it's really important we're recognised on equal ground," Garriock said.
"Equality plays a huge part and I think it's a reflection of the success of the Matildas in recent times. It's only going to get better."
Australian female footballers have a long history of financial hardship. The Matildas famously published a nude calendar in 1999 to raise funds to play while former goalkeeper Melissa Hudson (nee Barbieri) auctioned most of her memorabilia in 2013 to subsidise her return to playing after having a child.
The new collective bargaining agreement will also see a significant contribution from the players back into the development of young footballers, with more than $1 million redirected towards youth national teams each year.
It's understood FFA and the Professional Footballers Association have agreed to the deal in principle and could make an announcement as early as Wednesday.
The Matildas will host Chile at Western Sydney Stadium on Saturday in the first of two friendlies against the South Americans.
- With SMH/The Age