Prime Minister Anthony Albanese has paid tribute to the Queen, describing her reign as historic and her life as one of "devoted to duty, family, faith and service".
"Today marks the end of an era, the close of the second Elizabethan age," he said in a special television address on Friday morning.
"This time of mourning will pass, but the deep respect and warm regard in which Australians have always held for her will never fade,.
"Australian hearts go out to the people of the United Kingdom who mourn today, knowing they will feel they have lost part of what makes their nation whole.
"There is comfort to be found in Her Majesty’s own words: 'Grief is the price we pay for love'."
He expressed his appreciation for the Queen's steadfast support for Australia during times of tragedy and natural disaster. She was the only reigning monarch to visit Australia.
"This time of mourning will pass, but the deep respect and warm regard in which Australians have always held for her will never fade.
"May she rest in eternal peace."
Mr Albanese and Governor-General David Hurley will travel to London in the coming days to meet King Charles and offer Australia's condolences.
You can catch more of the prime minister's tribute here:
Opposition Leader Peter Dutton said the "last page has been inked on an exceptional reign".
"A Monarch who ruled with an empathetic heart and wisdom both innate and gained from almost a century of life and experience," he said of the Queen.
"Her Majesty was gentle, kind, and much-loved."
In 2000, Queen Elizabeth II received flowers from members of the crowd in Central Park, Bourke, Australia during her tour of the country. Source: AAP / PA / Fiona Hanson