The 15th edition was presented by Bill McCormack and featured 43 female models, as well as a male runway show.
The highlight of the night was the gown catwalk, which saw 18 designs vying for the coveted trophy.
First place was awarded to a dress by Colin Van Roth, modelled by Natalie Woodley, the wife of a famous footballer.
Second place went to a garment by renowned Italian designer Madame Serini of Toorak, worn by Elizabeth Scarborough.
The dress is light green and a slim fit with gold and silver embroidered trims.
It is made of an elegant orange fabric.
The dress is composed of 11 panels that, starting from the high neckline, widen to form a bell shape cascading towards the ground (known as A-line) and softly wrapping around the body.
The panels are held together by the neckline, which crosses over at the collarbone.
The hem and neckline are adorned with hundreds of pink and coral sequins and aquamarine crystals, all sewn by hand.
The dress has two knotted panels which fall freely across the back and down to the floor, creating a cloak-like shape.
The award honours the remarkable work of Madame Serini and is a tribute to Italian style and art, as well as the contribution Italians have made to this country, particularly in the fashion industry, which Italy has always dominated at an international level.