It's been going on for about a month here (down under).
But it got stupid, e.g people skulling bottles of bundy, doing it whilst driving and the like. so it's kinda dead here now.
It seemed to start after our greatest living PM, Bob Hawke, necked a beer at the Sydney Test. Fun Fact, Bob Hawke used to hold the world record for drinking a yard of Ale, and this record still stands at Oxford University.