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Hugh Jackman, Naomi Watts and Jacki Weaver will be hoping for an Oscar miracle when they attend the 85th Academy Awards.

With just hours to go to Hollywood's night of nights, bookmakers have given the A-list Aussie trio next to no chance of claiming Oscars at Monday's AEDT ceremony.

But, it shouldn't be a barren night for Australia, with two great chances.

The NSW north coast's Rick Findlater is the favourite to win the makeup and hairstyling Oscar for his work on The Hobbit: An Unexpected Journey.

Findlater, 45, was responsible for the hair, makeup and prosthetics on Gandalf the wizard, played by Sir Ian McKellen.

Brisbane's Dave Clayton is the bookies' second favorite to win the visual effects Oscar, also for his work on The Hobbit: An Unexpected Journey.

Clayton, 34, as the supervising animator on the film, was responsible for bringing creatures, including Gollum, to life on screen.

Lincoln's Daniel Day-Lewis is the white hot favourite to win the best actor Oscar ahead of Les Miserables' Aussie star, Jackman.

Kentucky's Jennifer Lawrence, for Silver Linings Playbook, is the favourite for the best actress Oscar, well ahead of Watts, who was nominated in the category for The Impossible.

Les Miserables' Anne Hathaway is at almost unbackable odds to win the supporting actress Oscar, while Weaver, for Silver Linings Playbook, has blown out to 100/1 odds.

The red carpet for the Oscars is set to begin about 10am AEDT Monday, while the ceremony, held in Hollywood's Dolby Theatre, will start at 12.30pm.

Comedian Seth MacFarlane, creator of crude animated TV series Family Guy and American Dad!, will host the awards, while Les Miserables Jackman, Hathaway and Russell Crowe will appear on stage in a movie musical celebration.

Barbra Streisand, Adele, Norah Jones and Shirley Bassey will also sing during the ceremony.