The series was established after poet and novelist David Malouf expressed a desire to produce a new poetry format that was affordable and had mass appeal.

Alongside Malouf's debut collection Bicycle and Other Poems, the Paperback Poets series published volumes by writers such as Rodney Hall and Michael Dransfield.

The series set out to celebrate the legacy of Indigenous Australian writing in the publisher's backlist and bring renewed attention to the featured titles.

The award established the careers of hailed Australian writers such as Doris Pilkington Garimara, Samuel Wagan Watson, Larissa Behrendt, Tara June Winch and Ellen van Neerven.

Previous winners of the prize include celebrated poets Holland-Batt, Felicity Plunkett, Gavin Yuan Gao and Rae White.