The Cross of Valour was established in 1975 as the highest Australian Bravery Award.

The awards were established as part of the institution of the Australian Honours System.

[2] The Cross of Valour is awarded "only for acts of the most conspicuous courage in circumstances of extreme peril".

So far there have been no awards of the Cross of Valour during wars or warlike operations as required by the VE Act.

The allowance has been A$2.10 per fortnight since the Goods and Services Tax in Australia commenced on 1 July 2000.