A buyer of Merino wool, Ermenegildo Zegna, has offered awards for Australian wool producers. In 1963, the first Ermenegildo Zegna Perpetual Trophy was presented in Tasmania for growers of "Superfine skirted Merino fleece". In 1980, a national award, the Ermenegildo Zegna Trophy for Extrafine Wool Production, was launched. In 2004, this award became known as the Ermenegildo Zegna Unprotected Wool Trophy. In 1998, an Ermenegildo Zegna Protected Wool Trophy was launched for fleece from sheep coated for around nine months of the year.
In 2002, the Ermenegildo Zegna Vellus Aureum Trophy was launched for wool that is 13.9 microns or finer. Wool from Australia, New Zealand, Argentina, and South Africa may enter, and a winner is named from each country. In April 2008, New Zealand won the Ermenegildo Zegna Vellus Aureum Trophy for the first time with a fleece that measured 10.8 microns. This contest awards the winning fleece weight with the same weight in gold as a prize, hence the name.
In 2010, an ultrafine, 10-micron fleece, from Windradeen, near Pyramul, New South Wales, won the Ermenegildo Zegna Vellus Aureum International Trophy.
Since 2000, Loro Piana has awarded a cup for the world's finest bale of wool that produces just enough fabric for 50 tailor-made suits. The prize is awarded to an Australian or New Zealand wool grower who produces the year's finest bale.
The New England Merino Field days which display local studs, wool, and sheep are held during January, in even numbered years around the Walcha, New South Wales district. The Annual Wool Fashion Awards, which showcase the use of Merino wool by fashion designers, are hosted by the city of Armidale, New South Wales, in March each year. This event encourages young and established fashion designers to display their talents. During each May, Armidale hosts the annual New England Wool Expo to display wool fashions, handicrafts, demonstrations, shearing competitions, yard dog trials, and more.
In July, the annual Australian Sheep and Wool Show is held in Bendigo, Victoria. This is the largest sheep and wool show in the world, with goats and alpacas, as well as woolcraft competitions and displays, fleece competitions, sheepdog trials, shearing, and wool handling. The largest competition in the world for objectively measured fleeces is the Australian Fleece Competition, which is held annually at Bendigo. In 2008, 475 entries came from all states of Australia, with first and second prizes going to the Northern Tablelands, New South Wales fleeces.