Masses of people gathered at key vantage points around the country to catch a glimpse of spectacular fireworks displays.
And irrespective of whether you spent the night with close friends in private setting or partying on the streets of Sydney, it seems that Australians all over the world were keen to ring in the New Year with panache.
Along with the usual well wishes and group photo opportunities the evening is also a time to reflect on the highs and lows of the year gone and make plans to start afresh.
But we all know there is difference between making plans to lose weight and save money and seeing them through, which is why experts are stepping in to help people realise their goals for 2012.
In an SMH exclusive Grant Brecht offered his thoughts on New Year resolutions and tips on how you can stick to them.
Brecht's first piece of advice seems simple enough, in fact, all it requires is a little time and effort to sit down and really think about what you want to achieve this year.
He said that a number of people make resolutions out of habit and as a result often break them within three to five days.
"It's become a ritual to make a New Year's resolution; we've done it for generations … it's the one time in a year we spend a few micro-seconds on setting goals and our vision for the future," he said.
"People come up with the resolution with very little thought, often alcohol-fuelled, and they don't go through goal setting in a strategic manner. They are knee-jerk reactions and a bit flippant, not actual goals."
Instead, the clinical psychologist suggest following the SMART formula – which stands for specific, measurable, achievable, relevant and time-based goals – in order to see real results this time next year.
According to Brecht the difference between making a resolution and following it through is a matter of measuring it against this criterion and sticking to a deadline.
Another important tip is to write your goals down as a reminder of what it is you are hoping to achieve in coming months.
"Keep them [your goals] on your desk at work, on the fridge, beside your bed, wherever you can eyeball them so you don't forget them," he asserted.
However, when asked about the real key to success Brecht says the best thing anyone can do is to remain positive.