The Prime Minister renamed Aspen Island on Canberra's Lake Burley Griffin to Queen Elizabeth II Island to coincide with the Queen's Platinum Jubilee Celebrations.
"She has stood with Australia as a true and steadfast friend," Albanese said.
"We give her name to this place in the heart of our capital – a place where history and progress meet.
"It is a fitting salute to Her Majesty, and celebrates her long life and 70 years of service to Australia and the Commonwealth, including her 16 visits to our shores."
Meanwhile, the Queen's representative to Australia Governor-General David Hurley made it to London overnight for Jubilee celebrations.
Hurley was asked about the prospect of Australia becoming a republic when he spoke to reporters outside London's St. Paul's Cathedral after attending the Service of Thanksgiving at the Queen's Platinum Jubilee celebrations on Friday.
He responded that there would be a "new discussion" about Australia's system of Government once the Queen's reign ended.
Hurley said there was still an "enormous well of emotional support" for the Queen in Australia, but suggested that could change when the monarchy's leadership changes hands.
"I think at the moment people centre on the Queen, and then when she goes, when she passes, then the succession comes in, there's a new discussion in Australia," he said.
Former Governor General Sir Peter Cosgrove agreed Australia's future system of government would be up to the people of Australia, but praised the current system, when he spoke to Today.
"It will always fundamentally be a matter for the Australian people and they rarely get it wrong," he said.
"Whatever their decision is. One thing I have written about this, is that we've got a very stable parliamentary democracy. We saw evidence of that a couple of weeks ago. We got a new government. Nobody riots in the streets. No turning over cars or burning them any of that sort of rubbish.
Harry and Meghan make swift exit from thanksgiving service
"We need to maintain the very best of the system which is responsibility and accountability of the Parliament. Let's not dilute that to some President who suddenly becomes some political figure."
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2022-06-04 06:43:55Z
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