STORY: Albanese, Governor General David Hurley and other dignitaries laid floral wreaths at the foot of a bronze statue of Queen Elizabeth at the parliament's Queen's Terrace.
The queen, who died on Thursday aged 96, unveiled the bronze statue of herself in 1988 during a visit to open the nation's new parliament house.
In Sydney, a memorial outside the Government House continued to grow.
"It won't be the same. It's just not the same thing as the Queen who's reigned for my whole life," said Rosyln Earthrowl who was visiting the memorial.
Another visitor, Julia Peetz, sounded a more positive note for changes to come. "I suppose moving forward definitely like to see us going into a republic, that would be great for us as a country."
Queen Elizabeth visited Australia 16 times during her reign, with the first visit in 1954 and the last in 2011.