Female cricketers receive the biggest pay rise in the history of women’s sport in Australia.

A year-long pay dispute between cricketers and the game’s governing body has finally been settled, in what is being heralded as a major win for the sport’s female players.

Negotiations for the new five-year pay deal began with male players back in November 2016, with Cricket Australia and the Australian Cricketer’s Association announcing yesterday that an agreement had finally been reached.

For the first time, the deal also covers the sport’s female players, and guarantees that state and international players will pocket up to 30 per cent of an estimated $1.67 billion in revenue over the next five years.

The new deal is lauded as the biggest pay rise in the history of women’s sport in Australia, with female player payments increasing from $7.5 million to $55.2 million.

We have reached an in-principle Heads of Agreement with Cricket Australia. Read about the deal here: https://t.co/3CdINkNrzJ pic.twitter.com/loLyOaD8n7

— Aust Cricketers Assn (@ACA_Players) August 3, 2017

The new revenue share model has increased the pay of international, state and Big Bash League players.

Salaries for international female cricketers will increase from $40k to $87.6k over five years, while state player pay packets will increase from $11k to $27.3k.

"The men and women have been rewarded for sticking together and for having the courage of their convictions," CA president Greg Dyer said in a statement released after the agreement was announced.

"They have made history and created a legacy for generations of players to come."

The new deal comes after it was revealed the top female cricketer's annual retainer was $65,000, while her male counterpart received close to $900,000.