David Correos and Rhys Mathewson have had last laugh, picking up the country's most prestigious comedy awards -- the Billy T Award and The FRED Award -- for their performances at 2016 NZ International Comedy Festival.

There were five people nominated for the Billy T Award: Alice Brine, David Correos, Laura Daniel, James Malcolm and Matt Stellingwerf.

Correos took out the top prize of the prestigious Yellow Towel, which came with a $4,000 cash grant from the New Zealand Comedy Trust, a spot on TV3's 7 Days, a poster design by Steve Grant Design, a year's subscription to Metro magazine, a $2,500 advertising campaign on The Rock FM and accounting consultation with Withers Tsang.

The FRED Award nominees were Nic Sampson, Pax Assadi and Rhys Mathewson.

Mathewson took it out and was awarded the renowned Golden Gumboot and a prize package including a cash grant of $2,500 from the New Zealand Comedy Trust, a $500 Soar Printing voucher, a year's subscription to Metro magazine and a $2,500 advertising campaign with More FM.

Other winners from last night's award ceremony include:

This year's festival saw more than 300 performers in more than 220 shows.

Newshub.