It was established in 1986 with the purpose of assisting and developing professional Australian opera singers.
This is achieved through programs of study with selected international educational institutions, engagements with professional opera companies, as well as through introduction, networking and educational opportunities with prominent members of the international operatic community.
Major sponsors and supporters of the awards have included YMF Australia, the Armstrong-Martin Estate, Haas Foundation, The Glyndebourne Festival Opera (UK), the Royal Over-Seas League (UK) and the Australian Elizabethan Theatre Trust.
Runners-up receive prizes and opportunities which include (in 2011) The Royal Over-Seas League (UK) Music Bursary, the Britten-Pears Young Artists Programme, the Glyndebourne Festival Prize, and the 4MBS Classic FM Award.
The recipient of the Opera Awards (Australia) is acknowledged and invited to perform at the Finals Concert of the Australian Singing Competition.