Barnes was a close friend of Gudinski and last year, while on stage at his memorial service, described the music promoter as “a brother to me” throughout their long friendship.

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“There will be lots of people who walk past this statue and admire this statue because they knew Michael, and loved Michael,” he said.

“They’ll look up and be reminded of the guy who championed Australian music, he took it to the world.”

Gudinski’s son Matt, the Mushroom Group chief executive, and his daughter, Kate, and wife, Sue, were also at the ceremony.

Matt Gudinski said: “My family and I are humbled by this great tribute and recognition of my late father that acknowledges his contribution to the Australian music scene and the city of Melbourne, and will stand as a permanent recognition of his legacy and importance to making the Australian music and entertainment landscape what it is today.”

Other attendees included AFL boss Gill McLaughlin, fellow music promoter and friend Michael Chugg and Molly Meldrum. Eddie McGuire was also at the unveiling. “He was a larger than life entrepreneur ... Michael was always in there, he built an industry in this town which gave so many other people a chance to be in the music industry,” McGuire said.

“Back in the ’70s it was pub rock, and now it’s stadium rock – and Michael played a huge role in all of that.

“Michael was a huge force for culture.”

As the COVID-19 pandemic shut down the local music industry, Gudinski was the driving force behind Music From the Homefront, which brought Australian and New Zealand musicians together in 2020 for a televised concert watched by almost 1.5 million viewers on Anzac Day.

The new statue adds to the gender imbalance in Melbourne’s statue population after a recent survey by lobby group A Monument of One’s Own of Melbourne’s 580 statues found only nine were of real women.

Earlier this month the state government announced a $1 million program to create six new permanent public artworks celebrating women.

This week Frontier announced a new leadership structure that Matt Gudinski said heralded “exciting times ahead” for the company.

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“I couldn’t be happier announcing our new Frontier executive team,” he said. “Mushroom Group is built on our great people, which is something we’ve always valued first and foremost.

“Frontier was founded on strong relationships, an artist-first approach and a never-ending passion for music and I know dad’s legacy and the future of Frontier is in safe hands.”

Frontier’s new chief executive officer, Dion Brant, said he was excited to lead the company. He moves into the new role after first joining the company in 2013.

“You can’t replace a once-in-a-lifetime icon like Michael Gudinski, but you can understand and be true to the values that made him the best,” Mr Brant said.

Barnes, Kylie Minogue and chart-topping musician Ed Sheeran, who returns to Australia next year for a national stadium tour, were among the artists who performed at Gudinski’s memorial service.

Sheeran was a close friend of Gudinski and dedicated the song Visiting Hours, which he performed for the first time at last year’s service, to his friend and mentor.