Australian funds prestigious award (5)
I believe the answer is:
oscar
'award' is the definition.
(Academy Award)
I don't understand how the remainder of the clue works.
Can you help me to learn more?
(Other definitions for oscar that I've seen before include "Mr Wilde - film award" , "- - Peterson, pianist" , "Film acting award" , "Develop again" , "Movie award, popularly called" .)