Ardent Leisure, the company that owns Gold Coast theme park Dreamworld, has revealed it is permanently closing the ride which killed four people last month.
Chief executive and managing director Deborah Thomas said decommissioning the Thunder River Rapids ride was "the only respectful and appropriate course of action" following the tragedy.
"Out of respect for the memories of Cindy Low, Roozbeh Araghi, Kate Goodchild and Luke Dorsett, and their deeply affected families, the ride will be permanently decommissioned," she said.
Ms Thomas also announced plans to invite victims' families and friends to help create a memorial for their loved ones at the park, "as soon as it is appropriate".
In addition, she revealed that an external review was being carried out on all the park's rides and operating systems by Australian civil engineering company Pitt & Sherry, and would later be peer-reviewed by a theme park safety specialist.
Ms Thomas said Dreamworld had also already begun an internal review of the park's rides, policies and procedures - and vowed that the park would only reopen when everything had been checked thoroughly.
"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," Ms Thomas said.
Dreamworld was rocked by the deaths in October, and appears now to be ensuring they do right by the victims and their families after they embarrassingly said they would reopen the park just three days after the tragedy.
The fatal incident occurred when a vacant raft on the Thunder River Rapids ride became stuck at the bottom of a conveyor belt, just metres from where people were getting on and off.
The raft immediately following hit the stuck raft at full speed, spilling the victims into the water and the conveyor belt mechanism.