It is normally held in June but because of the elections and the parliamentary break, the charity event styled on the White House Correspondents' Dinner has been pushed back to September.
Top auction items such as a $5000 game of tennis with Prime Minister Anthony Albanese and dinner with foreign minister Penny Wong and environment minister Tanya Plibersek have already been snapped up.
Last held three years ago before the pandemic, ball organisers say it has raised nearly $4.5 million since the glitzy affair began over 20 years ago.
Money donated from the black-tie event will go to groups that have supported those displaced by floods and war, such as Rural Aid Australia and the Australian Federation of Ukrainian Organisations respectively.
But climate change concerns have been raised about this year's corporate sponsors from the fossil fuel sector, namely Shell and Woodside Energy.
Greens senators Jordon Steele-John and Larissa Waters both said they would not attend the event in protest.
"Tonight's Midwinter Ball is yet another reminder of the perverse hold coal and gas have over our government, no matter who leads it. I will not be attending," Senator Steele-John said.
"Watching MPs swan about in suits and sparkles at an event openly sponsored by coal and gas is frankly sickening.
"When contrasted with the reality of the climate crisis in places like Pakistan, in places like Lismore, we see where the political class' priorities lie," he said on Twitter.
But fellow Greens senator Sarah Hanson-Young took the opportunity to follow in US Democratic Congresswoman Alexandria Ocasio-Cortez's footsteps at the Met Gala last year with her own provocative entrance.
She wore a white dress emblazoned with black text "End gas and coal" to get her message across.
The government's signature climate legislation was debated in the Senate on Wednesday and amendments are due to be moved on Thursday, clearing the way for it to be voted on.
The bill will enshrine Labor's 43 per cent emissions reduction by 2030 and net-zero by 2050 targets in law, and has garnered support from the Greens and key crossbenchers despite calls for it to go further.Â
