The historic new four-year Collective Bargaining Agreement between FFA and Professional Footballers Australia (PFA) closes the pay gap between the Matildas and Socceroos, it was confirmed on Wednesday.

Australia's women's national team the Matildas – who reached the 2019 Women's World Cup last 16 in France – and the Socceroos will receive a 24 per cent share of an agreed aggregate of 2019-20 generated revenues, rising by one per cent each year over the course of the deal.

A new three-tiered centralised contract system will see Australia's best female footballers provided with an increased annual remuneration, with tier-one players earning the same amount as the Socceroos.

There has also been an increase in World Cup prize money, up from 30 to 40 per cent upon qualification, with the percentage rising to 50 if they progress to the knockout stage of the competition.

"Football is the game for everyone, and this new CBA is another huge step toward ensuring that we live the values of equality, inclusivity and opportunity," FFA chairman Chris Nikou said.

"For the first time, player remuneration will be directly tied to the revenues generated by our National Teams – this will create a sustainable financial model that incentivises players and FFA to collaborate and grow the commercial pie together.

"This is truly a unique agreement. Every national team, from the Socceroos and Matildas, down to the Youth National Teams as well as the Cerebral Palsy National Teams have been contemplated in this new CBA.

"With this CBA, the next generation of aspiring Australian kids can see a pathway that offers a sustainable career, a chance to be an Olympian, and the lure of playing at a FIFA World Cup - regardless of your gender. It means whether you are a male or female, the value football places on your jersey is no different. We are proud to break this new ground in Australian and world sport."

FFA CEO David Gallop added: "The Caltex Socceroos have made a choice to adjust a fixed level of payment to share in a combined revenue pool with the Westfield Matildas. This closes the pay gap that has existed between them and the Westfield Matildas. It's an important decision that deserves to be acknowledged."

Kathryn Gill, PFA deputy CEO, said: "Incredible credit goes to the legacy of great leaders across our National Teams for a number of generations. Wave after wave, they have always had one eye on ensuring those that follow them have greater opportunities.

"In recent years, to be able to build on the leadership of Tim Cahill and Mile Jedinak and Lydia Williams and Claire Polkinghorne with captains of the calibre of Mark Milligan and Sam Kerr has demonstrated to me that the game is in great hands."