Queen Margrethe II's abdication LIVE: Denmark prepares to declare Prince Frederik the new king and bid farewell to the country's longest reigning march after the shocking NYE announcement

This is how the historic day will unfold when the Queen abdicates the throne:

1:35 PM (12:35 PM GMT, 11:35 PM AUS): Frederik, 55, and Mary, 51, left Amalienborg for Christiansborg Palace in a 1958 Rolls-Royce, together with their son HRH Prince Christian.

1:37 PM (12:37 PM GMT, 11:37 PM AUS): Margrethe will follow them and leaves from the palace of Christian IX in a carriage

2:00 PM (1:00 PM GMT, 12:00 PM AUS): A Council of State will take place at Christiansborg Palace, in which Margrethe, Frederik and Christian will participate together with the government and the secretary of the Council of State

2:15 PM (1:15 PM GMT, 12:15 PM AUS): Margrethe will then return to Amalienborg

2:30 PM (1:30 PM GMT, 12:30 PM AUS): Frederik and Mary will host a formal reception for special guests

3:00 PM (2:00 PM GMT, 1:00 AM AUS): The couple will make a balcony appearance at Christiansborg Palace. The Prime Minister will then announce the King's accession to the throne

3:10 PM (2:10 PM GMT, 1:10 AM AUS): Frederik and Mary take a carriage from Christiansborg Palace back to Amalienborg, which will be escorted by a mounted squadron

5:00 PM (4:00 PM GMT, 3:00 AM AUS): There will also be a transfer of the royal colors from the palace of Christian IX to the palace of Frederick VIII