The Walkley Foundation tonight announced the launch of the Young Australian Journalist of the Year Awards that will recognise and reward the emerging generation of Australian journalistic talent. The only event of its kind celebrating journalists aged 26 and under, the overall winner will receive an all-expenses-paid trip to visit media organisations in London, New York and Washington, together with A$5,000 spending money.

Awards will be made in five categories: print, television, radio, online and photography. The judging panel will draw up a shortlist of three finalists in each category before choosing a winner. The judges will then select one of those category winners for the main prize and accolade of Young Australian Journalist of the Year.

Supported by the Media, Entertainment & Arts Alliance, FOXTEL is the major sponsor of the Awards, with ABC News, Nikon and NineMSN as category sponsors. BBC World, CNN and Virgin Atlantic are also supporting this inaugural event. Entry will be open to all Australian journalists, employed full-time or freelance who have had work published, broadcast or televised through Australian media outlets in past 12 months.

Chris Warren, Federal Secretary of the Alliance, custodians of the Walkley Foundation said: "We are delighted to be launching a sister event to the prestigious Walkley Awards, especially as it carries the once in a lifetime opportunity for the young winner to travel and make invaluable industry contacts in some of the world's best newsrooms. We are grateful to our sponsors for supporting this event and look forward to it developing into a launch pad for the Walkley Award winners of the future."

FOXTEL Chief Executive Kim Williams said: "FOXTEL recognises the importance of promoting excellence, and providing opportunities for young Australian journalists. We believe our partnership with the Walkleys and the sponsorship of this initiative is an important contribution to the development and preservation of Australian journalism."

The Young Australian Journalist of the Year Awards official entry form will be available beginning of February 2008 and the award ceremony will be held in Sydney in July 2008.