After years of hosting Eurovision parties and following along from our living rooms, Australia has finally been give the chance to compete in the famous Eurovision Song Contest as a wildcard entry.

For the first time, Australians will also be given a chance to vote for their favourite performances too.

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A contestant or group will be chosen and sent to Vienna to compete in the competition in May, but unfortunately Eurovision says Australia’s entry is just a one-off.

“It is our way of saying; let’s celebrate this party together!” Eurovision Executive Supervisor Jon Ola Sand said.

The only way Australia will be able to return is if they win the Eurovision grand final.

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Last year, Jessica Mauboy made a special interval appearance and dazzled with a routine that included astronauts and swimmers in budgie smugglers.

SBS Eurovision hosts Sam Pang and Julia Zemiro.

The competition is watched by around 200 million people and is usually reserved for member countries of the European Broadcasting Union (EBU).

SBS Managing Director Michael Ebeid said he was “honoured” the EBU had supported Australia to fulfil its lifelong dream of competing.

“SBS has been broadcasting Eurovision for over 30 years and we have seen how Australians’ love of the song contest has grown during those years,” Mr Ebeid said.

So who would you want representing Australia?

In the special video announcement, SBS Eurovision hosts Sam Pang and Julia Zemiro both floated the idea of rock legends AC/DC and Midnight Oil, as well as songstress Olivia Newton John.

The news has been warmly received on social media, with Twitter users joking that Australia had in fact been mistaken for Austria.

Australia will compete in this year’s Eurovision. Sounds like being mistaken for Austria has finally paid off.

— Mark Humphries (@humphriesmark) February 10, 2015

All of Europe to Australia at this year’s Eurovision… pic.twitter.com/S8gfPXzQw4

— Mike Conley (@mikeyoutwit) February 10, 2015

I sense a Austria/Australia theme emerging for our #Eurovision party this year! Red white AND green and gold — Fireworks Gillman (@aussiemoose) February 10, 2015