He had been suffering from cancer.

Sam Coffa, President of Commonwealth Games Australia, was among those who praised his contribution to sport.

"There is no doubting that the Melbourne 2006 Commonwealth Games were a huge success and, in my view, the greatest Commonwealth Games ever staged. 

"A lot of that success and the wonderful legacy that remains is owed to the leading role played by Ron Walker.

"Ron had a wonderful passion and knowledge of how to host major events and just recently met with the chairman and CEO of the Gold Coast 2018 Organising Committee to share some insights into hosting a successful Commonwealth Games."

Walker had also led Melbourne's bid for the 1996 Olympic and Paralympic Games, which, although unsuccessful, paved the way for Sydney to be awarded them in 2000 when he acted as a special envoy during their campaign.

He was also President of the 2002 World Masters Games in Melbourne and a director of Football Federation Australia. 

Walker was also as a key figure in Melbourne’s successful bid to take the Australian Formula One Grand Prix away from Adelaide in 1993.

He spent 22 years as chairman of the Australian Grand Prix Corporation, only retiring in 2015.

The high-profile businessman was a prominent Liberal Party figure, working as national treasurer of the party from 1987 to 2002.

Walker, whose wealth was estimated at AUD$1.03 billion (£585 million/$832 million/€668 million) in the 2017 edition of the Australian Financial Review’s Rich List, also once served as overseas treasurer for the British Conservative Party.

Prime Minister Malcolm Turnbull called Walker "a great Australian, magnificent Melburnian and ferociously committed Liberal".

Turnbull added: "Ron was a wise and true friend to me as he was to so many Liberal leaders. 

"We will not see his like again. 

"Our hearts go out to [his wife] Barbara and their family at this sad time."

Former Prime Minister Tony Abbott wrote: “Australia, Victoria and Melbourne have lost a great son with Ron Walker’s passing. 

"For decades, not much happened in Melbourne without Ron being at the centre of things.

"As well, he was a great supporter of good causes, from medical research to the Liberal Party, which he helped to keep together in tough times. 

"He was a staunch friend and constant encouragement to successive Liberal leaders and will be much missed."