About 75,000 Korean born people were recorded in Australia at the time of the last census in 2011, with most of them in New South Wales.
In Sydney's Korea Town, the New Year has been celebrated with a weekend of festivities.
For the organisers, the occasion is a chance to share their culture with the wider community.
"I strongly believe we can contribute to the harmony of the past and the present, eastern and western, and bring the new generation and old generations together," said organiser Karl Lee.
SBS's Pop Asia program is readying for tomorrow's Lunar New Year Twilight parade.
"Lunar New Year is a huge cultural event for SBS and of course SBS Pop Asia so it's great to be able to have fun with Vietnamese Pop, Chinese Pop, Korean Pop and Japanese Pop...any type of Pop [music]," said Jay K from SBS Pop Asia.
"That's what we love to get in for all the fans. It's gonna be a fun live show and fun time on TV that's for sure."
In Sydney's Chinatown, Foreign Minister Julie Bishop stressed the importance of Australia's Chinese community, and the links between Australia and China.
Lunar New Year celebrated in Australia
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For more on the Lunar New Year, visit the SBS Lunar New Year page.
