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After bolding venturing out in public together at a Hollywood CVS earlier this week, Ryan Phillippe and Abbie Cornish made the 2008 Australian in Film Breakthrough Awards their unofficial coming out party as a new couple. The newly dubbed Rabbie were seen looking “very affectionate” with one another at last night’s event here in Hollywood, CA:

Two months after admitting it was bizarre seeing ex-wife Reese Witherspoon with Jake Gyllenhaal, Ryan Phillippe is quietly moving things forward in his own love life. After months of speculation about their relationship, he proudly accompanied his Stop-Loss costar Abbie Cornish to the 2008 Australian in Film Breakthrough Awards – their first major event as a couple. “They were adorable,” says a guest. “He had his arm around her and they were cozy and comfortable.” When Cornish – who was being honored with a Breakthrough Award – was introduced, Phillippe rubbed her back while she leaned against his shoulder. Throughout the evening, they held hands. Phillippe, 33, also let Cornish enjoy her moment in the spotlight, waiting patiently as she worked the room and posed for photos. Once she was at his side once again, they continued to share laughs with pals … Phillippe and Cornish left the party just before 10 p.m., heading to Hennessy’s weekly jazz night at Teddy’s.

Uh huh … I had a feeling that the couple were about to show up to some major public event as a couple. You don’t just go into any old CVS pharmacy without alerting the world that you are about to publically confirm your new relationship … everyone knows that. [Source]

But, while the couple may have been all touchy-feely and smiley for the cameras inside the Australian in Film Breakthrough Awards, it was another story as the couple left the safe confines of the awards show and ventured out into the night … and the waiting paparazzi:

Photo credit: X17
Yeah, the couple may not be ready to totally show their lurve for one another on the streets of LA just yet … but I suspect they might be showing up at Coffee Bean coffee shops, Ralph’s grocery stores or SoCal beaches together very soon. Welcome to the fun, Rabbie!