A new memorial to the victims of Cyclone Tracy has been unveiled in Darwin this morning, 50 years on from the devastating tragedy.

Prime Minister Anthony Albanese and Governor General Sam Mostyn both spoke at the event, alongside survivors and descendants.

Tracy made landfall at Darwin on the night of Christmas Eve, 1974.

Cyclone Tracy Memorial
A new memorial to the victims of Cyclone Tracy has been unveiled in Darwin. (9News)

It killed 66 people and wounded hundreds more.

Up to 85 per cent of Darwin’s buildings were destroyed, with the damage bill equating to more than $7 billion in today’s value.

Speaking at the unveiling, survivor Richard Creswick recalled the “six-hour battering of the senses” as Tracy tore the city apart.

Cyclone Tracy Memorial
Prime Minister Anthony Albanese at the memorial. (9News)

“This memorial, 50 years in the making, is dedicated to you, to us, the survivors,” he said.

“You are the bedrock on which the colourful thriving community that is Darwin today has been built.”

Albanese paid tribute to the families of those killed in the disaster, “who for every Christmas means revisiting that grief.”

The devastation of Cyclone Tracy, in Darwin in the Northern Territory. (AP File Photo)
Darwin was devastated by the storm. (Supplied)

“And we remember other survivors, so many of whom honour us with their presence this morning,” he said.

Albanese noted that the storm triggered the largest peace-time evacuation in Australia’s history.

“Today as we reflect on the destructive force of nature at its very worst, we also remember and honour the strength and kindness of Australians at their very best,” he said.

Cyclone Tracy Memorial
Prime Minister Anthony Albanese speaks at the ceremony. (9News)

Governor General Sam Mostyn said the story of the survivors was one of “love”.

“You have taught the country what it means to recover well,” she said.

“And I hope the nation’s focus at this Christmas Day is on Darwin, paying attention to the stories that come from here, and a little reflection on the strength of the Australian character, which I think is all about love and care and kindness for one another.”

The memorial was unveiled at East Point, where Tracy first made landfall.

It takes the form of five sculpted frangipani flowers of steel and concrete, covered in plaques.

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