CANBERRA, Oct. 21 -- One of the giants of Australian politics, former Labor Prime Minister Gough Whitlam, died at the age of 98, and current Australian political leaders immediately offered condolences to his family with Prime Minister Tony Abbott describing him as "a giant of his time."

Whitlam led the country through a period of massive social change from 1972 to 1975 before his controversial ousting by Governor-General Sir John Kerr in a seismic national event that became known as The Dismissal.

As a prime minister, Whitlam was an agent of change and reform. Despite being in power for only three turbulent years, he launched sweeping reforms of the nation's economic and cultural affairs, cementing his place as one of Australia's most revered leaders.

He put an end to national conscription, introduced free university education, materially helped indigenous communities, pulled troops from Vietnam, abolished the death penalty for federal crimes and reduced the voting age to 18.

On top of that, he established diplomatic relations with China and, in 1973, was the first Australian Prime Minister to visit that country, setting up Australia's trade agreement with the People's Republic of China. It was a brave, ground-breaking move that as Prime Minister Tony Abbott noted on Tuesday was to have huge ramifications for Australia's economy.

"China is our largest trading partner," Abbott said. "That is an enduring legacy (of Whitlam's)."

Whitlam first visited China in 1971 as Opposition leader and Labor's foreign affairs spokesman, a month before U.S. President Richard Nixon made his historic visit to Beijing.

In his statement honoring Whitlam on Tuesday, Abbott said: "We remember his lifetime of service to Australia in the Royal Australian Air Force, as a parliamentarian, as prime minister and as an ambassador.

"Gough Whitlam was a giant of his time. He united the Australian Labor Party, won two elections and seemed, in so many ways, larger than life."

Whitlam's children Antony, Nicholas and Stephen Whitlam and Catherine Dovey issued a statement Tuesday morning announcing their father's passing.

"Our father, Gough Whitlam, has died this morning at the age of 98," they said in a statement.

"A loving and generous father, he was a source of inspiration to us and our families and for millions of Australians.

"There will be a private cremation and a public memorial service."

Abbott ordered that all flags to fly at half-mast on Tuesday, and on the day of Whitlam's State Memorial Service.

Labor Party leader Bill Shorten praised Whitlam, saying he redefined Australia, and in doing so helped improve the lives of many people.

"He reimagined Australia as a modern nation where equality of opportunity belonged to all," Shorten said.

"Regardless of one's policies the nation has lost a legend ... He redefined our country and in doing so he changed the lives of a generation."

Former Labor Prime Minister Julia Gillard honored Whitlam "as a man of the highest political courage" and "a giant of his era."

Whitlam led Labor to its first federal election victory in 23 years in December 1972 on the back of the famous "It's Time" campaign.

As prime minister, he was as much lauded for his reformist leadership and eloquence as he was lambasted for his autocratic style and profligacy.

He will be forever remembered as the central figure in 'The Dismissal', perhaps the most ferocious political storm to ever hit Canberra, which resulted in him being sacked by Sir John Kerr on Nov. 11, 1974.

His dismissal was prompted by a refusal by parliament's upper house, the Senate, where his Labor Party did not hold a majority, to pass a budget bill until the government agreed to call a general election.

To end the impasse, Sir John took the unprecedented step of sacking Whitlam and installing then opposition leader Malcolm Fraser as caretaker prime minister.

For the first, and so far only, time in Australian history, the head of state used his constitutional powers to dismiss the government of the day.

Following the news of Whitlam's death, Federal Parliament was closed for the day as a mark of respect.