Professor Larissa Behrendt, an Indigenous Rights Lawyer from New South Wales, is the early $4.25 favourite to be announced the 2011 Australian of the Year with online bookmaker sportsbet.com.au.

Social entrepreneur Simon McKeon from Victoria is the second elect at $4.50, while Tasmanian breast cancer campaigner Deborah De Williams is third in the market at $5.

"We've installed Professor Behrendt as the early favourite in what was a pretty tough field to assess," said sportsbet.com.au's Haydn Lane.

"It will be interesting to see what punters think over the next fortnight as the money is usually right.

"Last year's recipient Professor Patrick McGorry was backed in from $5.50 into $1.75."

Markets are also open for the Young Australian of the Year, Senior Australian of the Year, and Australia's Local Hero awards.

The shortest-priced favourite across all awards is Jessica Watson, the youngest person to sail solo and unassisted around the world, who is quoted at just $1.28 to be named Young Australian of the Year.

"Out of all the categories we are by far the most confident of Jessica Watson winning the Young Australian of the Year award," said Lane.

Equal rights campaigner Professor Ron McCallum AO is the $4.25 favourite for Senior Australian of the Year, while suicide prevention advocate Donald Ritchie OAM is favourite at $4 for Australia's Local Hero award.

All markets courtesy of sportsbet.com.au

2011 AUSTRALIAN OF THE YEAR

$2.75 Professor Larissa Behrendt (NSW)

$4.50 Simon McKeon (VIC)

$5.00 Deborah De Williams (TAS)

$6.00 Professor Noel Hayman (QLD)

$6.00 Professor Tanya Monro (SA)

$11 Professor Ian Chubb AC (ACT)

$11 Professor Michael Christie (NT)

$17 Malcolm McCusker AO QC (WA)

2011 YOUNG AUSTRALIAN OF THE YEAR

$1.28 Jessica Watson (QLD)

$5.50 Tara Winkler (NSW)

$11 Angela Barker (VIC)

$11 Clinton Heal (WA)

$15 David Bresnik (ACT)

$17 Vincent Buckskin (SA)

$17 Kalinda Griffiths (NT)

$26 Kirsty Albion (TAS)

2011 SENIOR AUSTRALIAN OF THE YEAR

$4.25 Professor Ron McCallum AO (NSW)

$5.00 Leslie Erdie OAM (VIC)

$5.50 Robert Vojakovic AM (WA)

$5.50 Mary Parsissons (TAS)

$5.50 Professor Don Bursill AM (SA)

$8.00 Barry Abbott (NT)

$8.00 Marie Coleman PSM (ACT)

$8.00 Shelley Argent (QLD)

2011 LOCAL HERO OF THE YEAR

$4.00 Donald Ritchie OAM (NSW)

$4.50 Djapirri Mununggirritj (NT)

$5.50 Waleed Aly (VIC)

$6.00 Mary Victor O'Reeri (WA)

$6.00 Senior Constable Ian Edwards (TAS)

$7.00 Dr Don Bowley (QLD)

$7.00 Alan Jessop (ACT)

$11 Peter Goers (SA)