The Australian Tourist Commission is contacting agencies to discuss its media contract, which has been held by MediaVest for 11 years.
MediaVest and its sister Bcom3 group agency D'Arcy - which handles creative - have automatically secured a place on the pitch list.
The commission may choose separate media and creative shops from different groups, and is also talking to full-service agencies.
A D'Arcy source said the review is statutory, as the advertiser is owned by the government. The last review was in 1996.
The Australian Tourist Commission spent pounds 1 million on media last year, according to AC Nielsen MMS.
The bulk of this (pounds 850,000) went on TV. Cinema took just over pounds 140,000 and the rest was spent on press.
Glen Myatt, consumer marketing manager, is overseeing the review for the commission, which is based in Putney, south-west London.
Australia is set for its busiest tourism year ever, following the success of last year's Olympics.