The drama, which has run non-stop since the knife-edge election result in 2010, has included the defection of Peter Slipper from the Coalition to the Speakership, the subsequent allegations against him and his resignation as Speaker.
It will also be remembered for allegations against Labor-turned-independent MP Craig Thomson, still facing civil charges and possible criminal ones.
Also notable - or notorious - were Kevin Rudd's reported threats to quit parliament and force a by-election, his dramatic resignation from the foreign ministership while overseas, and his failed challenge to regain the prime ministership.
But history may show these momentous events are overshadowed by the bitter and poisonous relationship between Prime Minister Julia Gillard and Opposition Leader Tony Abbott.
At year's end, the pair was at each other's throats, fuelled by the Australian Workers Union scandal relating to Julia Gillard's time as a lawyer almost 20 years ago.
The opposition has alleged Ms Gillard was complicit in setting up a union fund which was later fraudulently used by her boyfriend of the time - an allegation denied by Ms Gillard.
This led to rancorous exchanges on the final day in parliament.
"I have this piece of advice for the Prime Minister. This is not about gender. This is about character and Prime Minister you have failed the character test. // The leader of the Opposition is not a decent man and he is not a man who can be relied on to go to the facts of matters. Well the leader of the opposition has had his opportunity to put up. Having so frankly failed to put up, now he should be shutting up."
The relationship between the two, particularly fraught since the election, sunk to a new low earlier in the year.
During a debate on the fate of then-Speaker Peter Slipper, with Mr Abbott demanding his resignation because of Mr Slipper's sexist and insulting text messages to a staffer, Ms Gillard delivered a speech which reverberated around the world.
"I will not be lectured about sexism and misogyny by this man. I will not. And the Government will not be lectured about sexism and misogyny by this man. Not now, not ever. Because if he wants to know what misogyny looks like in modern Australia, he doesn't need a motion in the House of Representatives, he needs a mirror, that's what he needs."
Mid-year Labor turned to vaudeville in the brawl over the carbon tax, with cabinet minister Craig Emerson ridiculing in song Tony Abbott's anti-carbon tax claims.
The Opposition Leader had said the South Australian steel town would be wiped off the map by the carbon tax.
The day after the tax's introduction, and bobbing his head to the tune of a 1975 Skyhooks hit single, Horror Movie, Dr Emerson performed.
"Well this is the mood in Whyalla. (sings) No Whyalla wipeout there on my TV. No Whyalla wipeout there on my TV. No Whyalla wipeout there on my TV Shocking me right out of my brain. Shocking me right out of my brain."
Meanwhile Climate Change Minister Greg Combet responded to Mr Abbott's continued criticism of the carbon tax.
He channelled his inner racecaller to try to stir up leadership tensions in the Coalition just before the running of the Melbourne Cup.
"And what people need to know with an interest in the racing industry is the opposition leader's scare campaign has been the biggest shakedown since the Fine Cotton Affair in 1984. And frankly it's time the Liberal party stewards started to intervene here and had a look at a bit of change. And what about the member for Wentworth (Turnbull) What about the member for Wentworth.? A classy thoroughbred if ever there's been one. He was badly checked by the Member for Warringah (Abbott) in the 2009 race. The member for North Sydney (Hockey) he's hungry for a win. But he's demonstrated but he's demonstrated yet again today that he's not up to group one racing level."
Workplace Relations Minister Bill Shorten also had his moment in the limelight for all the wrong reasons.
Mr Shorten was forced to apologise for abusing a small business owner over a controversy over a meat pie.
"I go in looking for a hot pie which is not unusual I suppose for Australians. She said there were none available, then she said she could do one in the microwave. I said what would that be like? She did say the pie would be soft and then she says like Julia Gillard. And I thought I just want a pie I don't particularly want to debate the government. But what I now accept and that's why I unreservedly apologise to Mrs Wong is she was saying she likes Julia Gillard. She wasn't saying the Prime Minister was soft like a pie."
Another contentious issue to come before the parliament was a proposal to allow gay marriage.
During a highly charged debate, Liberal Senator and Parliamentary Secretary Senator Bernardi suggested legalising same-sex marriage could lead to demands to legalise bestiality and polygamy.
"The next step quite frankly is having three people that love each other should be able to enter into a permanent union endorsed by society, or four people? There are even some creepy people out there, and I say creepy, who say that it's OK to have consensual sexual relations between humans and animals. And will that be a future step?"
These comments led to Senator Bernardi taking up a position on the back bench.
2012 also saw the beginning of the controversial mining tax, the tax that was partially responsible for the downfall of former Prime Minister Kevin Rudd.
Treasurer Wayne Swan had predicted the tax would raise 12 billion dollars over four years.
But instead, because of the high dollar and falling commodity prices, the tax is yet to yield a cent - casting doubt on the government's promise to return the budget to surplus.
Opposition Treasury Spokesman Joe Hockey could not resist capitalising on the situation.
"The benchmark set by the Gillard government is it's going to introduce taxes that have no revenue. Just like you have hospitals with no patients and schools with no students. This is like a bad episode of Yes Prime Minister. The problem is it's not a comedy, it's a documentary in Canberra at the moment."
But amid the sound and fury that was the political year, the government did deliver on its legislative agenda.
2012 saw the introduction into parliament of the National Disability Insurance Scheme, the Gonski education reforms, a Murray Darling Basin water plan and major changes to consumer protection laws.
The parliament also passed major changes to the way asylum-seekers will be treated in future.
The federal government announced more places available to process asylum-seekers as the number of people arriving by boat continues to increase.
Immigration Minister Chris Bowen announced the government would again process people on the rebuilt Manus Island detention centre in PNG, and reopen a detention centre in Tasmania.
And the parliament ended the year poised to pass a law which would excise the entire Australian mainland from the migration zone.
This aims to ensure that even if asylum-seekers arrive by boat, Australia would be deemed to be "offshore" for processing purposes.
2012 also saw the Prime Minister shore up the wavering support of a key independent, Andrew Wilkie, over poker machine laws, leaving a weakened version of those laws now before the parliament.
And at years' end, cigarettes are now sold in plain packaging after a bruising fight with the tobacco industry, and indigenous Australians are one step further towards being acknowledged in the constitution with an Act of Recognition now in the parliament.
But 2013 is an election year and any hopes that parliament might return to some semblance of normality are likely to be dashed.
The polls show the gap is narrowing between the two major parties and neither will be prepared to lose ground.
The federal government made it to the end of the 2012 parliamentary year, but Tony Abbott will be doing his best to ensure 2013 will be different.
For her part, Julia Gillard might begin to believe that what doesn't kill you as a political leader almost certainly makes you stronger.
Both leaders appear to be relishing the fight ahead.
"And then we'll be back ready to go full of energy in 2013. And I am really looking forward to the contest to come//For all of us on this side it couldn't come quick enough. We look forward to it."
But while Tony Abbott and Julia Gillard are looking forward to 2013, is anyone else?
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