On Friday, Australia's Prime Minister Anthony Albanese signed the Condolence Book for the late Queen in Canberra, before making preparations with the Australian Governor-General to fly to London for the upcoming funeral services.

Former prime ministers and politicians across the political divide paid tribute to Her Majesty following her death on Thursday at Balmoral in the United Kingdom.

In a televised address, Mr Albanese marked the end of an era.

"We will convey the sorrow of Australians as well as our best wishes to [King Charles III] and the Queen Consort as he takes on his duties as sovereign," he said.

"This time of mourning will pass but then deep respect and warmth regarding which Australians have always held for Her Majesty will never fade.

"May she rest in eternal peace."

Arrangements for the funeral will be revealed in the next 48 hours. Australia's Parliament will not sit as planned next week, to allow for a 14-day observance period.

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Australia has joined much of the world in mourning Queen Elizabeth II, as her death prompts the first change in head of state in more than seven decades.

A statement from Buckingham Palace early on Friday (AEST) confirmed the 96-year-old's death.

"The Queen died peacefully at Balmoral this afternoon," Buckingham Palace said.

"The King and The Queen Consort will remain at Balmoral this evening and will return to London tomorrow."

Malcolm Turnbull, Scott Morrison, John Howard and Paul Keating have all issued public condolences.

Mr Turnbull said the country was "unified in grief" while Mr Keating said the length of her reign was unlikely to be repeated.

"With her passing, her example of public service remains with us as a lesson in dedication to a lifelong mission in what she saw as the value of what is both enduringly good and right," Mr Keating said in a statement.

Opposition Leader Peter Dutton also expressed his condolences.

Finance Minister Katy Gallagher hosted the Queen as ACT Chief Minister when the monarch visited Canberra in 2011.

Senator Gallagher described herself as "very nervous" before the Queen's arrival, but said the monarch "put you at ease" with her "down to earth" approach.

"I could tell that she really loved Canberra, that she felt quite at home at Yarralumla where she'd stayed a number of times," she said.

"She was lovely to anyone she met. She met children, she met volunteers at Floriade. She was just a lovely person, and I think people responded to that."

Senator Gallagher said she was particularly honoured to appear alongside three other female leaders - the Queen, then-prime minister Julia Gillard and then governor-general Quentin Bryce - at an event in the capital.

"It was a moment I'll never forget; there were these incredible female leaders standing ahead of me," she said.

"It's something we haven't seen before or since, and she obviously was central to that."

Flags will fly at half mast across Australia on Friday as the nation waits to hear how the official mourning process will proceed.

In an initial statement to the media, Mr Albanese paid tribute to the Queen, who is succeeded by her son King Charles III in a move expected to renew Australia's republican debate.

"An historic reign and a long life devoted to duty, family, faith and service has come to an end," Mr Albanese said in the statement.

"The government and the people of Australia offer our deepest condolences to the royal family, who are grieving for a beloved mother, grandmother and great-grandmother - the person whom for so long was their greatest inner strength."

Mr Albanese said "from her famous first trip to Australia, the only reigning sovereign to ever visit, it was clear Her Majesty held a special place in her heart for Australia".

"Fifteen more tours before cheering crowds in every part of our country confirmed the special place she held in ours," he said.

He praised the Queen's relationship with Australia and the rest of the world.

"As monarch for more than half the life of our federation, the relationship between Australia and Britain matured and evolved throughout Her Majesty's reign," he said.

"The Queen greeted each and every change with understanding, good grace and an abiding faith in the Australian people's good judgement. This was the deft and diplomatic way she bound the diversity of the modern Commonwealth, nations around the world who will mourn her passing.

"This time of mourning will pass but the deep respect and warm regard in which Australians always held Her Majesty will never fade."

Elizabeth Alexandra Mary Windsor was Queen of the UK and 14 Commonwealth realms including Australia, since her reign began in February 1952.

Governor-General David Hurley said Australians should take inspiration from the Queen's contribution.

"She was a truly remarkable person," he said in a statement.

"When I reflect on my own memories - she was my Queen for my whole life - I think of Her Majesty's dignity and her compassion. Her dedication and tireless work ethic. And her selflessness and unwavering commitment to the people that she served. To us."

Mr Dutton was thankful for the Queen's dedicated service.

"Today, a comforting warmth has left the world. One of humanity's brightest lights has gone out," he said.

- with AAP