The awards recognise excellence in the film and television industry, both locally and internationally, including the producers, directors, actors, writers, and cinematographers.

[9][12][13] Up until 1970, prizes were handed out in recognition of the film and production, rather than achievements of individual filmmakers and crafts people.

[17] In 1986 television categories were introduced, presenting awards for mini-series and telefeatures before expanding to dramas, comedies and documentaries in the 1990s.

[21] The aim of the Academy is to create awareness for Australian film in local and international markets and to improve the way the AFI rewards practitioners with the formation of an "Honorary Council".

"[23] The consultation period ended in July 2011 and on 20 July it was announced that the AFI would go ahead with the Australian Academy with Trewhella stating that "[The AFI] envisage that this will lead to greater opportunities for those working in the industry, as well as greater audience recognition and connection with Australian screen content.

[28] Also in 2011, the first AACTA International Awards were launched, to take place around a month before the Oscars in Los Angeles, "to recognise excellence within the categories of best film, best acting, writing and directing and is open to any international film, voted on by the Australian academy".

[36] At the time of the awards inception, a jury of five judges, composed of film critics and filmmakers, determined the winner of a production.

[37][38] The nominees and winners were later peer-voted by a jury which was made up of representatives from all industry crafts, including members of guilds, who have a "professional membership" with the AFI.

[41] The fifteen Chapters consist of professionals from industry guilds and organisations including actors, producers, directors and screenwriters.

[46] The statuette used between 1979 and 2010 is made of "four clear acrylic rectangular prisms on a silver metal base, green felt on bottom"; a plaque, which is attached to the base, has the "afi" insignia, with the words "Australian Film Institute" beneath it; a description of the award category, the recipient of the award, and the film title cascade below each other.

[49] The statuette, which has a 22 karat gold body, whose human form takes on the shape of the Southern Cross, on a tiger iron gemstone base, was designed over three months at Gomboc's home in Western Australia, before it was presented to the AFI board in June 2011.

[54] It cannot be sold to a third party and if it were to part from the winner or their heir and descendants, the Academy reserves the right to repurchase it for one dollar.

[6] Since its inception, the awards have been predominantly presented in Melbourne but the event has alternated in there and Sydney during the 1990s and 2000s (decade).

Producer John Edwards, who collected seven nominations for Foxtel's Love My Way, did not enter a second drama series, The Surgeon, because it missed the screening deadline.

"[66]AFIA has also been criticised for narrow selection of artists for award nominations and an unfair judging process.