My school's awarding system is, IMO, quite simple.
In year 12, there are subject awards that are determined from SAC scores only, and you can get as many awards as you wish. Quite ironically, I got the English Language award only, which demonstrates what happens when I put all my effort into the one subject.
We don't have a dux of year 12 award announced before ATARs come out, and generally my school has multiple duces

I have no idea what that award is, apart from having your name engraved in the school assembly hall.
Although we do have excellence awards for, presumably, the top 3 in our school. The first prize is 500, and second and third are 200 each.
Dux of year 11 is an awesome prize. The school gives a $25 book voucher (which is pathetic; I won five subject awards last year and dux of year for $200 in total, and my academic excellence award last year was $400. LOL what the), but Monash Uni gives $1000...holy shite...