ASC Chair John Wylie AM said the 2014-15 investment of nearly $120 million continues to be refined to ensure funding is aligned to sports with the greatest potential to contribute to Australia's Winning Edge targets.
"It is pleasing that in these times of financial restraint we have been able to provide the same level of total funding as last year as we continue to sharpen our approach to investment in Australian sport," Wylie said.
"The more focused funding approach has seen a total of $20 million be redirected in the past two years to sports with the greatest medal potential in Rio and beyond."
Having medaled at every Summer Olympic Games since 1980, Canoe Kayak has proven itself to be a reliable source of podium performances.
Following on from the recent success of our Gold medal winning Men's K4 crew, and Jessica Fox who claimed silver in Canoe Slalom in London; Australian Canoeing (AC) is confident at the prospect of ongoing success as we turn our focus toward our future potential champions in Rio 2016.
AIS Director Matt Favier said this year's investment allocations recognised sports which had excellent recent records and potential medal opportunities.
"We have provided these sports with an increase due to their multi gold medal potential, improved performance profile and high preparation costs, said Favier."
AC president, Danielle Woodward OAM was pleased at the announcement, noting it is a welcome boost from which our sport will greatly benefit and in addition, it is recognition of the important role our sport continues to play in contributing to Australia's ongoing Olympic success.
“Canoe Kayak has a proud history of success on the Olympic stage and we are focused now more than ever on our potential for results in Rio and beyond.
This new funding will be focused toward increased athlete support around our International campaigns and targeted training camps ahead of the 2016 Rio Games, she said.
In addition, Australian Canoeing will continue to invest in our future talent and developing athletes as we foster a strong connection in the pathway and development program in progressing our Next Wave partnership with Surf Lifesaving Australia.
" ASC Chief Executive Simon Hollingsworth said the investment allocation included a reduction in the high performance investment to sports which have the greatest ability to support themselves financially.
Chief Executive Officer, Greg Doyle noted, "Australian Canoeing's lack of commercial investment is an ongoing challenge for the sport as we attempt to support our athletes and coaches in their daily training environment. This cash injection will allow us to direct further funding support toward the athletes targeted within our Winning Edge Program as their focus turns to Olympic qualification and selection over the next 12 -24 months."