Dreamworld is to permanently close the water ride at the centre of last month's accident that claimed the lives of four people, including New Zealander Cindy Low.
Ms Low and Australians Kate Goodchild, her brother Luke Dorsett and his partner Roozbeh Araghi died when their raft on the Thunder River Rapids Ride at the Gold Coast theme park flipped over.
Ardent Leisure - the owners of Dreamworld - confirmed today the ride would be permanently closed down.
Chief executive Deborah thomas said the closure of the ride was the "only respectful and appropriate course of action".
Ms Thomas said as soon as it was appropriate, the victims' families would be invited to help create a fitting and permanent memorial to their loved ones.
She also said a review had begun of all Dreamworld and Whitewater World rides and related operating systems by an independent expert engineering firm.
"Pitt and Sherry are one of Australia's leading experts in mechanical engineering with extensive experience in providing engineering and technical services for amusement rides and devices," Ms Thomas said.
"Pitt and Sherry's review will be further peer reviewed by an industry leading global theme park safety specialist.
"Dreamworld is also well progressed on an internal review of every ride in the Park, which includes reviewing all operating policies and procedures.
"In addition to these reviews, Dreamworld remains committed to working closely with the Workplace Health and Safety Queensland team.
"No ride at Dreamworld will operate until the Workplace Health and Safety Audit has been completed and unless it passes the multi-level internal and external review process."
Police finished their investigations on site earlier this week and handed back control of the theme park to management, but Dreamworld is yet to announce when the park would reopen.
Gold Coast Mayor Tom Tate said the reopening should not be rushed.
"It's been a difficult time but the timing of reopening of Dreamworld I'd leave that to the management of Dreamworld - they know what to do - but I would ask that they talk to the families and they get their OK from that," he said.