Dreamworld will decommission and demolish the River Rapids ride which claimed the lives of four people last month but they don't have a reopening date yet.
Kate Goodchild, Luke Dorsett, Roozbeh Araghi and Cindy Low died when the ride at the Gold Coast theme park malfunctioned.
Ardent Leisure CEO Deborah Thomas said the ride would be permanently closed out of respect for the dead.
"The closure of the ride is the only respectful and appropriate course of action," she said in a statement released on Wednesday.
Thomas said "as soon as it is appropriate" the families would be invited to help create a fitting and permanent memorial to their loved ones.
Meanwhile, engineering firm Pitt & Sherry would undertake a comprehensive audit of all rides, their operating systems and procedures before the park was reopened, Thomas said.
"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," Thomas said.
Later in the day, Dreamworld chief executive Craig Davidson said progress was continuing at the park, with a new Lego Concept Store set to open before Christmas and upgrades to Tiger Island to recommence.
"From today, we will begin to move towards the re-opening of Dreamworld," Davidson said.
Police completed their analysis of the scene at the park on the weekend, the results of which would assist in a coronial inquiry into the deaths.
Ardent Leisure had been criticised for its poor handling of the crisis, which saw questions over Thomas' remuneration and claims the company had dealt badly with the surviving families.