The Award, which comprises an annual prize of at least $35,000, is one of Australia's richest literary prizes. It is awarded to "the best novel written by an Australian author that depicts women and girls in a positive way or otherwise empowers the status of women and girls in society". The novel can be in any genre and does not have to be set in Australia. The award does not specify the author's gender. It is administered by the Australian Society of Authors, and is one of Australia's richest literary awards. It is expected to rival the Miles Franklin Award ($42,000) and the biennial Tasmania Pacific Fiction Prize ($40,000).