‘A loss we all feel’: Tributes pour in for Queen Elizabeth II

The Queen had reigned since 1952 and recently celebrated her Platinum Jubilee. Her eldest son, Charles, will be known as King Charles III, and issued a statement saying “the passing of a cherished Sovereign and a much-loved Mother”, will be mourned.

Prime Minister Anthony Albanese has spoken of the passing of Queen Elizabeth II as a “historic reign” and a long life “devoted to duty, family, faith and service”.

“This is a loss we all feel,” Mr Albanese said.

“There is comfort to be found in Her Majesty’s own words: ‘Grief is the price we pay for love’.”

Queen Elizabeth II went on to become the longest-reigning British monarch, Australian sovereign and leader of the Commonwealth of Nations, which she navigated for seven decades.

In her seven “remarkable decades” on the throne, Mr Albanese said her majesty was a “rare and reassuring constant” amid rapid change.

“Through the noise and tumult of the years, she embodied and exhibited a timeless decency and an enduring calm,” Mr Albanese said.

“Her Majesty made dedication to duty and service above self the hallmark of her reign.”

Reflecting on her famous first trip to Australia — the only reigning sovereign to ever visit, the Prime Minister said it was clear her majesty held “a special place in her heart for Australia”.

“Today marks the end of an era, the close of the second Elizabethan age. This time of mourning will pass but the deep respect and warm regard in which Australians always held Her Majesty will never fade,” Mr Albanese said.

“May she rest in eternal peace.”

Minister for Finance, senator Katy Gallagher, took to social media and tweeted: “A true friend of Canberra, Her Majesty visited us nine times including in 2011 when I was Chief Minister and was fortunate enough to meet her.

“She was a truly inspirational woman who was loved and respected across the world.

“The reign of Her Majesty was one of dedication and distinguished service over 70 years. Australians will be feeling this loss deeply today.”

Industry reflects on the Queen’s legacy

The Finance Brokers Association of Australia’s Peter White, who is also an AM Order of Australia being awarded by her majesty through the Australian Governor-General, said her passing was a “very monumental day for all Australians” and had a “profound impact” on him.

“We all will feel the sadness and loss,” Mr White said.

“Her Majesty was highly regarded and known as ‘a constant’ throughout a world of turmoil and change, and unquestionably that commitment and dedication to service will be missed.

“Things will change and we will wait with great expectations as to how His Majesty the King (Charles) will take on this great responsibility to all of the regions and realms of the Commonwealth.

“A new dawn is upon us.”

Reflecting on the passing of Her Majesty, president at Commercial and Asset Finance Brokers Association of Australia (CAFBA) Terry Moody said people can "only marvel at an individual" who carried out her duty to the very end of her life.

"Whilst the cultural influence of the British monarchy was waning, Queen Elizabeth set such a fine example of devotion to service that any chance of a reignited Republican movement in Australia was out of the question.

"Many leaders could learn from her example of always dealing with people with dignity and grace no matter from what walk of life they come.

Mr Moody said it was "unlikely" that we shall again see a leader with such a record, adding King Charles more openly political nature could "hurt the monarchy".

RBA signals no change to banknotes

The Reserve Bank of Australia has said there will be "no immediate change" to Australian banknotes.

The reigning monarch has traditionally appeared on the lowest denomination of Australian banknote.

"The $5 banknotes featuring the image of Her Majesty The Queen can continue to be used. They will not be withdrawn and are likely to remain in circulation for years to come," the central bank said.