To me, the point of all these local communities is to support being out. Don't just give awards to queer authors for writing fantasy; queer authors will write fantasy whether you give them awards for it or not. Instead, reward longtime straight fantasy authors for taking the daring step of writing about queer characters and themes. Don't just give out awards for people because they were born in Australia. Reward anyone, born anywhere, for including Australian characters and themes in their books. Make it about actively paying attention to and talking about what makes these cultures unique. Otherwise, it's just talk.
I like that. In fact, if there were an award like this, I'd be right behind it.
(And yes, I am aware that the Miles Franklin covers Australian life, but it's by Australian authors, and as I've mentioned before, it's a worthless award worth forty thousand dollars, or so.)