Gudinski statue unveiled in Melbourne

"My dad loved this precinct, even when it was just one venue in the national tennis centre," Gudinski's son Matt said on Thursday.

"To see what it's become today was something that he was extremely proud of."

Gudinski, who died aged 68 on March 2 last year, was widely regarded as an Australian music icon.

He founded Mushroom Records in 1972, launching dozens of high-profile Australian acts including Skyhooks, Paul Kelly and the Minogue sisters.

Gudinski's Frontier Touring company, formed in 1979, also brought some of the biggest international artists to Australian shores.

"He'd be sad not to be here because he'd be glowing," Matt Gudinski said. 

"Dad definitely didn't shy away from publicity or attention so I'm sure it would have been a special moment to share this together." 

Victorian Premier Daniel Andrews said Michael Gudinski was a true Australian icon.

"Michael was not only a good friend to me, but a great friend to all Victorians who loved music," Mr Andrews said.

"So many artists getting a start, being mentored, being nurtured by him. 

"So many of the world's great acts coming to Melbourne and Victoria, and indeed by extension Australia, because of Michael."

Singer Jimmy Barnes said the statue, and its location, was perfect.

"From here, (Michael) can hear the roar of the crowds from the MCG," Mr Barnes said.

"He can see and hear the punters leaving the Rod Laver Arena, or AAMI Park shouting about being at the best show they've ever seen. 

"I think that would put a smile on his face. Especially if it was a Frontier show."