The Poetry Society of Australia was founded by Imogen Whyse in 1954 to encourage the study of poetry and foster a community of poetry lovers. To assist this goal, the society established a small monthly periodical, Prism, which published the poetry of members and news about the society's activities. A. D. Hope, who conducted lectures for the Poetry Society, contributed reviews and articles. Other significant contributors included James McAuley, Peter Hopegood, Geoffrey Lehmann and Mary Finnin.
In 1961, Whyse retired as president and editor of Prism. An editorial committee took over her duties, changing the name of the magazine to Poetry Magazine.