It is a day of "deep pain and loss," according to Prime Minister Anthony Albanese, as Australia laments the passing of Queen Elizabeth II at the age of 96.

"With the passing of Queen Elizabeth II, an historic reign and a long life devoted to duty, family, faith and service has come to an end," Mr Albanese said.

"There is comfort to be found in Her Majesty's own words: Grief is the price we pay for love."

"This is a loss we feel deeply in Australia," Mr Albanese said.

"Queen Elizabeth II is the only reigning monarch most of us have known, and the only one to ever visit Australia.

"Through the noise and turbulence of the years, she embodied and exhibited a timeless decency and enduring calm.

As ABC News reported, this morning, the flags at Parliament House and other Commonwealth structures were lowered to half-staff.

The federal parliament will not convene as scheduled the next week and won't reconvene for at least two weeks.

The Prime Minister and Governor-General David Hurley will visit London in the coming days to see King Charles III.