Olympian, businessman and former politician Ron Clarke has died on the Gold Coast.

The Australian running legend, former world record holder and Olympic medallist — who was honoured with both an AO and MBE — died after a short illness in a private hospital on Wednesday morning aged 78.

He is survived by his wife Helen, two sons and grandchildren.

His daughter, Monique, died in 2009.

Mr Clarke's death was confirmed by the Gold Coast City Council, of which he was mayor for eight years until 2012.

The Australian Olympic Committee credits Mr Clarke, who grew up in Victoria, with 19 official world records.

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"But in fact [he] set at least one more that the bureaucrats of stats weren't prepared to recognise," according to late journalist and sports historian Harry Gordon.

While an undisputed champion runner, Mr Clarke is arguably among the lesser known of Australia's athletes because he never managed to win a gold medal.

He won a silver medal in the 1962 British Empire and Commonwealth Games in the three mile event, a bronze medal in the 10,000-metre event at the 1964 Olympics and two silver medals at the 1966 Commonwealth Games in the three mile and six mile races.

Athletics Australia records that in 1965, at the peak of his career, Mr Clarke competed 18 times in eight countries during a 44-day tour of Europe, setting 12 world records.

Ron Clarke burnt himself when he lit the Olympic cauldron at the 1956 Melbourne Olympic Games. ( Getty Images )

Ron Clarke preparing for a race at the White City Stadium in London in 1960. ( Allsport UK/Allsport )

"He plays down his role in lighting the flame that began the Melbourne Olympic Games, calling it a consolation prize for not having made the Olympic team," Mr Gordon said.

"At the time he was world junior mile record holder, and there is no doubt that a period of national army service in 1956 harmed his chances of selection.

"In Mexico City in 1968, when the high altitude gave a distinct, disgraceful advantage to distance runners who lived and trained in mountain country, he ran out of oxygen late in the 10,000 metres," Mr Gordon said.

"He staggered on bravely, virtually unconscious, to finish sixth. He collapsed on the line and suffered heart damage."

Olympic champion Herb Elliott paid tribute to Mr Clarke, describing him as "a great man".

"His contribution to athletics was enormous. He was also a wonderful contributor to public health through lifestyle programs and gymnasiums and the communities in which he lived. Ron will be greatly missed," he said.

Mr Clarke was one of the original inductees into the Sport Australia Hall of Fame in 1985.

'A wonderful athlete and a wonderful person'

Ron Clarke's achievements Lit the flame at 1956 Melbourne Olympic Games opening ceremony

Lit the flame at 1956 Melbourne Olympic Games opening ceremony Competed in two Olympics; Tokyo 1964, Mexico City 1968

Competed in two Olympics; Tokyo 1964, Mexico City 1968 Won bronze in the 10,000m in Tokyo, finished fifth in 5,000m and sixth in 10,000m in Mexico City

Won bronze in the 10,000m in Tokyo, finished fifth in 5,000m and sixth in 10,000m in Mexico City Won three Commonwealth Games silver medals - the three-mile event at the 1962 Perth games and in the three and six-mile events in the 1966 Kingston games in Jamaica

Won three Commonwealth Games silver medals - the three-mile event at the 1962 Perth games and in the three and six-mile events in the 1966 Kingston games in Jamaica Broke 19 official world records over distances from two miles (3.2 kilometre) to 20km

Broke 19 official world records over distances from two miles (3.2 kilometre) to 20km One of original inductees in Sport Australia Hall of Fame in 1985

One of original inductees in Sport Australia Hall of Fame in 1985 Also played reserves football for Essendon in VFL

Fellow Olympic runner and former Victorian governor John Landy said Mr Clarke set a standard for athletes around the world.

"He was an extremely nice guy, a good guy," he said.

"He helped a lot of other athletes and he was an outstanding athlete, not only in the sense of breaking major records, but he really did show to the world what was possible in terms of endurance running.

"He was a wonderful athlete and a wonderful person."

Mr Landy and Mr Clarke were well known for the sportsmanship shown at the 1956 Australian National Championships when Mr Landy helped Mr Clarke up after he tripped.

"Ron Clarke fell over — I didn't trip him, but in trying to get over him I spiked his shoulder and arm, and I stopped to see how he was and I put my foot over the line ... and he got up and said 'keep going', which I did, and I won the race.

"I think it was one of those bizarre instances probably best forgotten, but it created a lot of publicity at the time."

Fellow Olympian Marjorie Jackson-Nelson met Mr Clarke when he was a teenager and said they became lifelong friends.

"I can remember meeting this young upcoming athlete and was so proud when I saw him carrying the torch into the Melbourne Olympic Games," she said.

"He looked so right carrying that torch.

"Our friendship has endured - we have always stayed in touch over the years and my thoughts do go out to Helen and her family."

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Before entering local politics, Mr Clarke was the public face of the Couran Cove resort development on South Stradbroke Island, off the Gold Coast.

He helped develop the project with friend and businessman Chuck Feeney.

Mr Clarke became Gold Coast mayor in 2004 and remained in the job until 2012, when he resigned to run as an independent candidate in the state election.

He was unsuccessful in his bid to win the seat of Broadwater.