The Melbourne Prize Trust, established in 2004, provides financial and professional development opportunities to artists by running the annual Melbourne Prize, which operates in a three-year cycle as follows:
Melbourne Prize for Urban Sculpture 2017 Melbourne Prize for Literature 2018 Melbourne Prize for Music 2019 Melbourne Prize for Urban Sculpture 2020 — cycle commences again
The Trust has three objectives, which are met by running the annual Melbourne Prize:
to recognise and reward excellence and talent; to inspire creative development; to enrich public life.