Applicants are also asked to state why they want cash for a boob job and whether it would be put towards a breast augmentation or reduction.
However, the campaign has left some Sydneysiders feeling deflated.
Local woman Kylie Bowdler said the program should be ashamed of their "terrible" and "disgusting" promotion.
"How can a popular radio station which many young women listen to can promote that no woman is happy with her breast size?" she said in a post on the KIIS FM website.
"It is deplorable.
"On Mother's Day in particular we should be celebrating the achievements of women."
Marie Coleman from the National Foundation for Australian Women said the idea was "amazingly silly".
"Can you imagine, instead of getting toast in bed for breakfast, your daughter comes in and tells you 'I'm getting you a boob job,"' she told AAP.
"It would really challenge the mother-daughter relationship. I wonder if it was a bloke who thought it up."
The Terms and Conditions state the prize will be awarded in cash and the Promoter "takes no responsibility for any medical procedures undertaken by the winner".
- AAP