US President Barack Obama has roasted Donald Trump in his final address at the White House Correspondents’ Dinner, before declaring “Obama out” and literally dropping the microphone.

The black-tie event, which Mr Obama has previously joked is “a night when Washington celebrates itself”, is an annual inside-the-beltway ritual, bringing together journalists and media moguls with Hollywood stars and powerbrokers from Capitol Hill and beyond.

Mr Obama used his speech to poke fun at Republican presidential frontrunner Mr Trump, his wife’s ageless looks and his recent meeting with Prince George.

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Mr Trump, who has been the subject of many a joke at the dinner before, did not attend the event this year.

“You’ve got a room full of reporters, celebrities, cameras and he says no. Is this dinner too tacky for the Donald?” Mr Obama joked.

“What could he possibly be doing instead? Is he at home, eating a Trump steak? Tweeting out insults to Angela Merkel? What’s he doing?”

The fun did not stop there. Mr Obama allowed himself several more jabs at the real estate mogul, before eventually concluding “that’s probably enough”.

“They say Donald lacks the foreign policy experience to be president. But, in fairness, he has spent years meeting with leaders from around the world – Miss Sweden, Miss Argentina, Miss Azerbaijan,” he quipped.

“And there’s one area where Donald’s experience could be invaluable and that in closing Guantanamo, because Trump knows a thing or two about running waterfront properties into the ground.”

Democratic presidential candidate Bernie Sanders was present, and also in Mr Obama’s sights.

“Bernie, you look like a million bucks. Or, to put in terms you will understand, you look like 37,000 donations of $27 each,” Mr Obama said, a reference to the flood of small contributions to Mr Sanders’ insurgent campaign.

“I am hurt though, Bernie, that you have distanced yourself from me. That’s not something that you do to your comrade.”

Wrinkles, weed and meeting Prince George

Barack Obama delivered some stabbing jokes during his final address. Photo: AP

With a bit of nostalgia, Mr Obama also reflected on his more than seven years in office, making fun of how in his final year, his approval ratings had been rising.

“The last time I was this high, I was trying to decide on my major,” he said, in a reference to smoking marijuana in college.

He also paid thanks to his right-hand man, Vice-President Joe Biden, and his wife Michelle.

He joked that while he had gained a few wrinkles during his presidency, his wife had not aged a day.

But the extra lines were not his only worry, Mr Obama said.

“Even some foreign leaders have been giving me grief. Last week, Prince George showed up to our meeting in his bathrobe,” he said.

Prince George recently met President Obama in his nightgown at Kensington Palace. Photo: Kensington Palace

To conclude, the President declared “Obama out” and dropped the microphone.

“With that, I have just two more words to say: Obama Out.” —@POTUS #WHCD pic.twitter.com/RQSDh92YsU

— The White House (@WhiteHouse) May 1, 2016

Politicos mingle with celebrities at red carpet dinner

International Monetary Fund head Christine Lagarde was among the politicos mingling with celebrities at the event, including actress Emma Watson of Harry Potter fame and singer Gladys Knight.

Other invitees this year included singer Aretha Franklin, actors Morgan Freeman and Will Smith and reality television star Kendall Jenner.

Comedian Larry Wilmore, who hosts a show on the cable outlet Comedy Central, took to the podium after the President’s remarks.

The dinner, a long-standing tradition, has morphed from a relatively low-key gathering of journalists and their sources into a glamorous red-carpet affair.

It has drawn criticism from some who feel that partying with sources is not conducive to hard-hitting journalism.

Watch the President’s speech below:

-with agencies