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Because of its position, Princes Bridge is often a focal point for celebratory events in Melbourne such as the Moomba Festival, New Years Eve and many celebrations taking place on the Yarra River where it flows through the city.
The word is first recorded in 1604 in the Elgin Records as hagmonay (delatit to haue been singand hagmonayis on Satirday) and again in 1692 in an entry of the Scotch Presbyterian Eloquence, "It is ordinary among some plebeians in the South of Scotland to go about from door to door upon New-years Eve, crying Hagmane".