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The 30-year-old former world No 39 has pulled the pin on a career that saw her ranked inside the top 100 for most of her career.
Erakovic has spent the past year off the WTA tour with a back injury and despite being close to a possible return, admitted she had lost the motivation to continue.
"The motivation was very low at the start of the year for me, and that's when you know it would be a really hard grind to give it another crack and I just didn't think I had it in me," Erakovic said.
The former junior world No 5 notched up numerous milestones during her career.
"I accumulated nine WTA titles [one singles and eight doubles], made a further 12 WTA finals, won 18 ITF titles, competed in 36 grand slams, two Olympic Games, one Commonwealth Games and eight Fed Cup ties." Erakovic said.
But ultimately injuries hampered Erakovic in recent years.
"In sport, as in life, nothing is ever a smooth ride. Over the last few years, my body struggled to handle the demands of Tour life and it became too difficult to play at a level of which I am normally capable.
"I decided to give my mind and body a break in 2018, and after a lot of recovery and reflection, I have decided to put the racquets away."
Erakovic reached the third round at Wimbledon three times and served for the match against Laura Robson for a place in the fourth round in 2013, losing what would be her most heart-breaking grand slam defeat.
Erakovic credits support from the SEED Foundation who helped fund her when she was transitioning from the junior to pro ranks.
"If it weren't for a select few tennis supporters in New Zealand that formed the SEED Foundation when I was 18 years old, my dreams of becoming a professional tennis player would be non-existent."