We're in for a treat today with another Hollywood red carpet spectacle, and it's the most star-studded event yet.

The 26th annual Screen Actors Guild Awards is currently underway at the Shine Auditorium in Los Angeles, where celebrities including Scarlett Johansson, Margot Robbie, Leonardo DiCaprio, Joaquin Phoenix and Jennifer Lopez are nominated for top honours.

But before we get to the official part of the evening, we cast our eyes to the silver carpet where the world's most glamorous people put their best fashion foot forward for us to mercilessly judge. You can watch the ceremony live from midday on Foxtel's Arena channel.

Here are the best and worst looks.

Australian golden girl Margot Robbie, who is nominated in the Supporting Actress category, donning an unusual plaid ruffled gown with an impressive set of chains around her neck.

Best Actress nominee Scarlett Johansson is our pick of the night in a plunging green satin gown.

The Marriage Story actress looks every bit the Hollywood star in the stunning frock, which she's paired with red lips and a polished hairstyle.

Robbie's Bombshell co-star and fellow Aussie Nicole Kidman is a vision in navy.

Millie Bobby Brown, 15, looking virtually unrecognisable in all-white, compared to the character that made her famous in Stranger Things.

The always classic Zoe Kravitz adding a pop of old Hollywood glamour with white gloves.

Dakota Fanning bringing some sparkle.

Joey King (va va voom) and her co-star Patricia Arquette, looking edgy in a black and red suit.

Best Actress nominee Lupita Nyong'o looking breathtaking in strapless monochrome.

Orange is the New Black star Madeline Brewer bringing mermaid vibes.

Christina Applegate leaving absolutely everything to the imagination in a black and white gown.

Nathalie Emmanuel resurrecting and returning as a real life gift after her brutal death in Game of Thrones.

Australian actor Dacre Montgomery (Power Rangers, Stranger Things) with his model girlfriend Liv Pollock, also an Aussie, are doing wonders for our country's reputation as a breeding ground for gorgeous people.

Montgomery also raised awareness for the bushfires in Australia while being interviewed on the silver carpet. What a champ.

Big Little Lies' Kathryn Newton told reporters on the carpet she "wanted to look like the sun". Curious aspiration.

Stranger Things' Noah Schnapp setting the style standard for the blokes in this trend-setting blue satin suit.

Australian TV host Renee Bargh is among the first arrivals, looking breathless in a two-piece silver number with a daring leg slit.

She's joined by Canadian presenter Keltie Knight who has also opted for silver in an eccentric gown, with a neckline inspired by an oyster.

US reality star Andrewa Boehlke has glided in in a floaty baby pink dress fit with ballerina bun.

More to come