There are cash prizes totalling approximately, one hundred and fifty thousand Australian dollars (AUD150,000).
| 1st Prize | $25,000 | Donated by Council of the City of Sydney - Konstantin Shamray |
| 2nd Prize | $12,000 | Donated by Yamaha Music Australia Pty Limited - Tatiana Kolesova |
| 3rd Prize | $6,000 | Donated by Theme & Variations - Ran Dank |
| 4th Prize | $4,000 | Donated by Mr Phillip Rowe - Takashi Sato |
| 5th Prize | $2,500 | Donated by Hunt & Hunt - Tomoki Kitamura |
| 6th Prize | $2,500 | Donated by Mr Neville Grace - Eric Zuber |
Special prizes
| - | ABC Classics Prize – The winner will make a CD recording in 2010 |
| - | Naxos Prize – the winner will make a CD recording in 2009 |
| $10,000 | The Australian String Quartet will engage a Major Prize Winner of the 2008 Sydney International Piano Competition of Australia to perform with the Quartet as guest artist for its National Subscription Season tour in May 2009, consisting of 12 concerts beginning in Adelaide with the opening concert taking place on the 5th May, 2009, in Adelaide Town Hall. - Konstantin Shamray |
| $7,000 | Prize for the best performance of a work by Liszt (excluding Studies in Stage I) donated by Mr Neville Grace. In addition a medal is presented by Graham Wickes in memory of Australian pianist Dennis Hennig - Eric Zuber |
| $5,000 | Prize for the best Australian pianist donated by the Friends of the Sydney International Piano Competition - Hoang Pham |
| $5,000 | Prize for the best performance of an Australian work in Stage III, donated by Australian Performing Right Association - Tomoki Kitamura |
| $5,000 | Prize for the best performance of a Mozart Concerto donated anon. in memory of Andrew Wolf - Konstantin Shamray |
| $5,000 | People’s Choice Prize donated by Hochtief - Konstantin Shamray |
| $5,000 | Prize for the best performance of a 19th or 20th century Concerto donated by Mr Peter Weiss AM - Konstantin Shamray |
| $5,000 | Prize for the best performance of a work by Beethoven donated by Kawai Australia - Konstantin Shamray |
| $5,000 | Prize for the best performance of a work by Chopin "The Gloria and Ronald Ogden Memorial Prize" donated by Ron, Lynn and Marcus Ogden - Takashi Sato |
| $5,000 | Prize for the best performance of a Study by Liszt in Stage I donated by Mr. David Burns - Charlie Albright |
| $5,000 | The musicians of the Sydney Symphony Orchestra will vote for the Prize, donated by the Sydney Symphony Orchestra for best overall performer of the two Concertos. - Ran Dank |
| $5,000 | Prize for the best performance of a work by Rachmaninov donated by Mr Ray Wilson OAM in memory of Mr James Agapitos OAM - Ran Dank |
| $5,000 | Prize for the best Chamber Music Performance donated by Mr Robert Albert AM - Tatiana Kolesova |
| $3,000 | Prize for the best performance of a work by Mozart (excluding Concertos) donated by Mr & Mrs J Bain - Konstantin Shamray |
| $3,000 | Prize for the best performance of a work by Schubert donated by The Hon. Bronwyn Bishop MP - Tomoki Kitamura |
| $3,000 | Prize for the best performance of a Debussy Prelude in Stage II donated by Mr Danny May - Ran Dank |
| $3,000 | Prize for the best performance of a work by a Russian composer in Stages I-IV of the Competition donated by Dr Sonya Bajenov - Tatiana Kolesova |
| $2,000 | "The Paul & Helena Haas Encouragement Award" – given after the Quarter Finals to a pianist not selected for the Semi Finals donated by Music and Opera Trust Ltd. - Alexey Yemtsov |
| $2,000 | Prize for the best overall performance of a work from the Romantic Period in Stages I-IV of the Competition donated by Mrs Jana Chvojka - Yoonsoo Rhee |
| $2,000 | Prize for the best performance of a sonata by Haydn in Stage III donated by Mrs Deidre McCann - Yoonsoo Rhee |
| $1,500 | Encouragement Award given after Stage II for a pianist not selected for the Quarter Finals, donated by the Victorian Friends of the Competition - Feng Zhang |
| $1,500 | Prize for the best performance of the Virtuoso Study in Stage I - "The Lev Vlassenko Memorial Prize" donated by the Tyalgum Festival, NSW - Daniil Tsvetkov |
| $1,500 | Encouragement Award given after Stage IV for a pianist not selected for the Finals donated by the Music Teachers' Association of NSW - Mariangela Vacatello |
| The six Semi-Finalists not selected for the Finals will each receive an award of $750, donated by Mrs Wendy Weight OAM - Hoang Pham, Miyeon Lee, Daniil Tsvetkov, Yoonsoo Rhee, Mariangela Vacatello, Charlie Albright | |
| $1,500 | Prize for the youngest Finalist, donated by Ars Musica Australis - Tomoki Kitamura |
| $1,000 | Prize in Memory of Pnina Salzman for the Best Female Competitor in the Competition, donated by Barbara Leser - Tatiana Kolesova |
| $1,000 | Encouragement Award for the Youngest Australian Pianist in the Competition, donated by Manly Music Club in memory of Mrs Vaila Mead - Hoang Pham |