The ship sank on July 1,1942,after being torpedoed by an American submarine,which was unaware it was carrying prisoners of war and civilians captured in the former Australian territory of New Guinea.
In total,it was carrying about 1060 prisoners from around 16 countries,including 850 Australian service members,who had been taken after the fall of Rabaul months earlier.
The shipwreck was found after 12 days of searching in the South China Sea,led by the not-for-profit Silentworld Foundation,deep-sea survey specialists from Fugro,and supported by Defence.
At over 4000 metres in depth,the wreck lies deeper in the ocean than the Titanic.
Albanese said he hoped the news brings a “measure of comfort to loved ones who have kept a long vigil”.
“At long last,the resting place of the lost souls of the Montevideo Maru has been found,” he said in a statement. “The extraordinary effort behind this discovery speaks for the enduring truth of Australia’s solemn national promise to always remember and honour those who served our country. This is the heart and the spirit of Lest We Forget.”