[1] The awards were established in 1985 by John Cain, Premier of Victoria, to mark the centenary of the births of Vance and Nettie Palmer, two of Australia's best-known writers and critics who made significant contributions to Victorian and Australian literary culture.
From 1986 till 1997, the awards were presented as part of the Melbourne Writers Festival.
Beginning in 2011,[3] the awards were restructured into five categories: Fiction, Nonfiction, Poetry, Drama and Young People's.
[1] In 2022 an Award for Children's Literature valued at $25,000 was added, with entries being accepted in 2023.
For winners from 1985 to 2010, see the Victorian Premier's Prize for Young Adult Fiction.