The Australian Music Prize is an annual award that recognizes and celebrates the best Australian album released in a given year. Established in 2005, the prize aims to promote Australian music and support local artists by providing them with increased visibility and recognition in the industry. The winner receives a cash prize, which can help fund future projects and recordings. The selection process involves a panel of judges from various backgrounds in the music industry, ensuring a diverse range of opinions and expertise in determining the best album.