It may be a few more hours before the New Year in the United States, but other countries around the world have already finished their epic celebrations.

As we previously reported, China rang in the new year earlier today with a pyrotechnic show and an eight-minute fireworks display in Hong Kong.

Not to be outdone, Australia put on a fireworks show of its own earlier this morning. According to the Sydney New Year's Eve website, the celebration was seen by over a billion people around the world.

BBC News reports that over 1.5 million people gathered in the Sydney Harbor alone to watch Australia ring in the new year. The fireworks were accompanied by a soundtrack co-written by singer Kylie Minogue.

The $6.6 million fireworks show included a pair of red lips in the center of the harbor that counted down the seconds until midnight. Other lights displays included images of a koala and octopus, according to News Limited Network.

The event reportedly contributed over $150 million to the New South Wales economy, according to the Daily Telegraph.

However, some nations simply could not afford to put on a new year celebration in 2012. Fox News reports that Nicosia, the capital of Cyprus, cancelled its celebration altogether and instead gave money to needy children in the nation.

You can watch Sydney's Harbor's New Year's Eve celebration below