The rock star – brother of AC/DC’s Angus and Malcom Young – was a member of The Easybeats.
The Australian songwriter and producer co-wrote its classic hit Friday On My Mind.
He also penned hits Love Is In The Air and Hey, St Peter.
George’s career was synonymous with Albert Music, the record label home to dozens of Australian acts.
David Albert, CEO of recording house Alberts, confirmed the news of George Young’s death on Facebook in the early hours of Monday morning.
The statement said: “It is with great sadness that Alberts acknowledge the passing of George Young.
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“A consummate songwriter, trailblazing producer, artist, mentor and extraordinary musician, George was above all else a gentleman who was unfailingly modest, charming, intelligent and loyal, a man with a wonderful sense of humour.
“George was a pioneer who, with close friends Harry Vanda and Ted Albert, created a new sound for the Australian music industry. He will be missed.”
AC/DC have also paid a heartfelt tribute to the producer on their website.
It is with pain in our heart that we have to announce the passing of our beloved brother and mentor George Young. Without his help and guidance there would not have been an AC/DC.
As a musician, songwriter, producer, advisor and much, much more, you could not ask for a more dedicated and professional man.
As a brother, you could not ask for a finer brother. For all he did and gave to us throughout his life, we will always remember him with gratitude and hold him close to our hearts.