[3] The new format was originally promoted as a short-run series,[4] with advertisements featuring McGuire exclaiming "20 nights!

Previously, a half-hour edition of the original version aired for a two-week period in June 2004, aimed at attempting to arrest declining ratings leading into its most-watched news service.

[9] A special prime time edition of Hot Seat aired at 8:00 pm on Monday, 8 June 2009,[10] featuring a contestant, Barry Soraghan, playing for the format's first million-dollar question.

[11] At the completion of the taped episode, Soraghan was visited live on air at his Blackburn home by McGuire,[11] who then awarded him a two-week holiday for him and his family, as well as $5,000 in spending money.

On 15 August 2011 the four remaining couples from the 2011 season of The Block appeared on the show, attempting to win $1,000,000 for charity.

The intro was slightly changed, a new set with higher resolution LED screens was introduced and new graphics using the Eurostile font.

[20] Despite this revamp, Millionaire Hot Seat continues to languish behind The Chase Australia in the ratings, often by an average margin of 100,000 viewers;[21] however, Nine News, which immediately follows Millionaire Hot Seat, has continued to retain its ratings dominance on the east coast.

[24] In September 2020, the program temporarily moved production to Queensland, for 7 weeks, following a COVID-19 pandemic outbreak, which resulted in the host Eddie McGuire having to quarantine.

[26] From 25 January 2021, the show began airing at 3:00 pm in Perth, swapping slots with Tipping Point.

[29] On 10 August 2023, the network announced the show will be replaced by a local version of Tipping Point in the 5:00 pm time slot, and hosted by Todd Woodbridge.

mixed with elements of roulette and musical chairs, and sees six contestants all playing in a single game.

There is a single safe level set at $1,000 after 5 correct answers, meaning the player in the hot seat for the final question can leave with either $1,000 or the highest remaining prize amount.

Unlike the traditional format, there is no option for players to walk away with the current money earned, meaning they must answer every question given.

The winner of this segment is the player with the most correct answers, with ties being broken by the lowest combined time taken to lock in.

Play in the Hot Seat round proceeds as normal until the winner of Fastest Finger First becomes the active player.

During questions with the player holding the lifeline, the host cannot see the correct answer until the computer reveals it.

On 29 August 2016, 67-year-old Edwin Daly became the first Australian contestant (and the fourth worldwide) on the Hot Seat (and the third in Australia) to win the top prize of AU$1,000,000.

[33] On 25 November 2021, Antony McManus became the second and the last Australian contestant on the Hot Seat (and the fourth in Australia) to win the top prize of AU$1,000,000, using the Switch lifeline he won in Fastest Finger First to swap the question.

However, since - unlike in the original format - contestants cannot walk away, it is usually worth guessing the question in the hope of the 1-in-4 chance it is correct.

This, combined with the contestant only being afforded 45 seconds to answer it, returns a high number of candidates who lose the million.