It provides the recipient with a return airfare, a contribution towards living expenses and an honorary fellowship at the Australian Centre in the School of Historical and Philosophical Studies at the University of Melbourne.
[1] The prize was established in 1992 to commemorate the life and work of Vincent Buckley by reflecting his "love of and commitment to both Australian and Irish poetry".
[2] Buckley was a poet, critic and Professor of English at the University of Melbourne and the prize was funded through donations from his family and friends.
The award is made by a committee comprising the director of the Australian Centre, the head of the department of English at the University or the head's nominee, and a practising poet nominated by the dean of the faculty of Arts.
[3] Past committee members have included Chris Wallace-Crabbe and former recipient Cate Kennedy.