The Order of Australia - awarded to individuals nominated by the community - aims to recognise 'outstanding service to the country and to humanity'.
Recipients are named twice a year - on the Queen's Birthday holiday in June and on Australia Day.
The award is divided into four categories, topped by the Companion of the Order of Australia as the highest civic honour in the nation. The prize is also divided into a general division - awarded to civilians - and a military division.
Notable recipients of the award this year include long-standing Opera Australia director, Richard Bonynge and High Court Justice Virginia Bell. Governor of Victoria Alex Chernov has also been recognised.
The post-nominals AC are added to the names of recipients of the award.
The Officer of the Order of Australia is awarded for distinguished service of a high degree to Australia or humanity at large. Notable recipients this year include former Australian cricket captain Ricky Ponting, who will now become Ricky Ponting, AO.
The Member of the Order of Australia (AM) is awarded to those who are deemed to have served in a particular locality or field of activity, or to a particular group, while the Medal of the Order of Australia (OAM) is given to honour service worthy of particular recognition.
Television chef and cookbook author Maggie Beer has received a Member of the Order of Australia this year, alongside former Wallabies rugby union captain Stirling Mortlock, and footwear retailer David Wittner.
Below is a list of some recipients of the Companion and Officer awards for Australia Day, 2012. For a full list, visit the It's An Honour website at a later stage.
The Honourable Justice Virginia Margaret Bell
For eminent service to the judiciary and to the law through leadership in criminal law reform and public policy development, to judicial administration, and as an advocate for the economically and socially disadvantaged.
Mr Richard Bonynge AO CBE
For eminent service to the performing arts as an acclaimed conductor and musical scholar, to classical singing and the promotion of opera, and through the collection and preservation of operatic manuscripts.
His Excellency the Honourable Alex Chernov AO QC
For eminent service to the people of Victoria, to the advancement of higher education, particularly the development of academic and administrative programs at the University of Melbourne, through the establishment of the Australia India Institute, and to the judiciary.
His Excellency Malcolm James McCusker AO CVO QC
For eminent service to the people of Western Australia, particularly through the provision of equitable access to legal representation, as an advocate for sustainable development and education, and through significant philanthropic support for a range of medical research, youth and arts organisations.
Mr Terence Francis Moran AO
For eminent service to the community through public sector leadership, as a significant contributor to policy development, program delivery and effective governance, and to the implementation of contemporary government administration.
Recipients of the Officer of the Order of Australia
Mr Malcolm Bruce Begbie
For distinguished service to the international community in the provision of humanitarian relief, particularly through the Crossroads Foundation, and as a significant contributor to United Nations efforts to connect business organisations with those in need.
Mrs Sally Linda Begbie
For distinguished service to the international community in the provision of humanitarian relief, particularly through the Crossroads Foundation, and as a significant contributor to United Nations efforts to connect business organisations with those in need.
Dr Ian Darnton-Hill
For distinguished service to the international community, particularly in the areas of public health and nutrition, to disease prevention and health promotion, and as a physician, academic and educator.
Dr Robert Lindsay Every
For distinguished service to business, particularly through leadership roles in the Australian steel industry, as an advocate for corporate social responsibility, and to the community as contributor to educational, charitable and cultural organisations.
Caroline Jennifer Hogg
For distinguished service to the Parliament of Victoria, particularly in the areas of multiculturalism, health, education, arts and rural affairs, and to mental health through the development of national programs to support youth.
Professor Stuart Forbes Macintyre
For distinguished service to the social sciences and to the humanities as a leading academic in the areas of 19th and 20th century Australian history, particularly through advancing the understanding of social and political life, and as an author, researcher and mentor.
Professor Charles Dunlop Mackenzie
For distinguished service to veterinary pathology and to medical science through significant contributions to filarial disease eradication in the peoples of Equatorial Africa, and as a researcher and educator.
Mr Ricky Thomas Ponting
For distinguished service to the sport of cricket as a leading player at the national and international level, and to the community through the establishment of the Ponting Foundation.
Dr David James Skellern
For distinguished service to science and engineering as a leading researcher, and to the design and development of world-leading information technology communications applications.

