Friendly Street Poets, Inc awards two prizes every year: the SATURA Prize and the NOVA Prize.
The Satura Prize was first presented in 1996 (for a poem read at Friendly Street Poets in 1995) as the result of a grant from the estate of Chief Justice John Bray, a long standing member of FSP Inc. It was instituted the year after his death in 1995, and named after one of his collections of poetry.
The annual prize is $200.00.
It is awarded to the author of the best poem in the current Friendly Street Poetry anthology as judged by a prominent South Australian with an interest in poetry.
The Nova Prize was first awarded in 2004. The prize of $50 is awarded to the best poem written by a first-time published poet in the current Friendly Street Poets anthology. It was made possible by the generosity of an anonymous donor.