“John was the Labor Party’s longest serving State Premier. He served South Australia with great distinction and integrity.”

He said Bannon had been serving on an expert panel advising the State and National governments on reform of Commonwealth-State financial relations – right up until his passing.

“On a personal level, I regarded John as a great friend and mentor and I am deeply saddened by his passing, as are so many of his friends and former colleagues in the South Australian Parliament.

“I have spoken to his wife Angela Bannon this afternoon and passed on my deep condolences and offered the family a State Funeral on behalf of the people of South Australia.

“I will be in contact with the family again tomorrow to discuss these arrangements further.”

Bannon was Premier for a decade, leading Labor to power in 1982. He resigned in 1992 in the wake of the State Bank disaster, which was to overshadow his political legacy.

Weatherill’s predecessor Mike Rann said he did not know anyone in public life more deserving of the title “honourable”.

Such respect was earned not only by the positions he held or by the extraordinary length of his service, Rann said, “but by his character, his conduct in good times and bad times, his innate decency, his grace under immense pressure, his self-effacing sense of duty and his abiding courage.”

Federal Labor leader Bill Shorten called Bannon a magnificent leader.

“On behalf of the Labor Party I extend my deepest condolences to John Bannon’s wife Angela and his family and friends,” Shorten said.

“In a state that has bred some truly great Labor men and women, John was a magnificent leader. He truly loved South Australia.”

SA Opposition Leader Steven Marshall offered similar thoughts, tweeting that he was saddened to hear of the former premier’s death.

During Bannon’s time as premier Adelaide won the first submarine construction contract, won the right to stage the Formula One grand prix and established the Olympic Dam copper and uranium mine.

After taking over as SA Labor leader in 1979, he served just one term in opposition before returning Labor to power at the 1982 election with a majority of just one seat.

He increased Labor’s majority in 1985 but only retained office in 1989 with the support of two Labor independents in a hung parliament.

Towards the end of Labor’s third term bad lending decisions led to the collapse of the government-owned State Bank with the state government forced to provide a $3 billion bail-out.

As state treasurer, Bannon was cleared of any wrongdoing but quit as leader and left the parliament at the 1993 election, which Labor lost in a landslide.

After his life in politics, he was a much respected member of the ABC Board. John Bannon – vale. https://t.co/mooCX3OtKA

— Mark Scott (@mscott) December 13, 2015

After leaving politics, he pursued an academic career, with a particular interest in the history of federation. He was also a member of the board of the ABC from 1994 to 1999.

Dreadfully sad to hear of the death of John Bannon – a truly noble and honourable man. A great South Australian.

— John Hill (@JohnD_Hill) December 13, 2015

Many of his former colleagues have taken to social media to post tributes to him.

Sasha and I are deeply saddened by the passing of John Bannon. I do not know anyone in public life more deserving of the title "Honourable".

— Mike Rann (@Mike_Rann) December 13, 2015

– with AAP