The Review of Australian Fiction described itself as follows:
The Review of Australian Fiction is an online journal dedicated to publishing and promoting Australian writing both locally and overseas. There are four volumes of the journal each year, with each volume containing six issues. Issues, published every two weeks, each contain two stories. The first story in each issue is written by an established Australian author, who selects an emerging author to provide a second story for the issue. The emerging writers of today will become tomorrow's established writers, who will return to introduce the new faces of the future. Half the cover price for both single issues and subscriptions goes directly to the authors. The rest we'll use to promote the journal far and wide. (Source: Review of Australian Fiction website, http://reviewofaustralianfiction.com/)
The periodical ran independently, without external funding support.
In January 2018, the journal announced its cessation, with volume 24, issue 6 as its final issue. Back issues remain accessible, and the publishers announced plans for a series of anthologies of previously published fiction.