A cash prize pool of $205,000 is on offer for The Sydney 2023.
| Prize | Value | ||
| Ernest Hutcheson First Prize | $50,000 | ||
| Percy Grainger Second Prize | $25,000 | ||
| George Frederick Boyle Third Prize | $20,000 | ||
| William Murdoch Fourth Prize | $15,000 | ||
| Arthur Benjamin Fifth Prize | $10,000 | ||
| Noel Mewtown-Wood Sixth Prize | $7,500 | ||
| Eileen Joyce Best Overall Concerto | $5,000 | ||
| Roy Agnew Best 18th Century Concerto | $5,000 | ||
| Miriam Hyde Best 19th/20th Century Concerto | $5,000 | ||
| Hephzibah Menuhin Best Sonata with Violin and Piano | $3,000 | ||
| Geoffrey Parsons Best Sonata with Cello and Piano | $3,000 | ||
| Una Bourne Best Accompanist Prize | $3,000 | ||
| Edward Cahill Best Preliminaries Round 1 Recital | $3,000 | ||
| Isador Goodman Best Preliminaries Round 2 Recital | $3,000 | ||
| Ignaz Friedman Best Semi Finals Recital | $3,000 | ||
| Geoffrey Tozer Most Promising Pianist not Proceeding to the Finals | $5,000 | ||
| Nancy Weir Best Australian Pianist + additional $5,000 if competitor reaches the Final Round | $10,000 | ||
| Malcolm Williamson Best Performance of an Australian Piece | $5,000 | ||
| Rex Hobcroft People’s Choice | $10,000 | ||
| Rhondda Gillespie Best Performance of a work from any period before 1950 by a rarely-played and unduly neglected composer | $1,500 | ||
| Best Program Presentation in the Semi Final | $3,000 | ||
| Best Encore in the Semi Finals | $3,000 | ||
| Prizes for each of the six Semi Finalists not proceeding to the Finals; $1,000 each | $6,000 | ||
| Medal Given to the Most Promising Competitor Plus $1,000 | $1,000 |