Australia's first Treaty with First Nations people has been signed into law, marking a "turning point in our nation's history".

The Statewide Treaty Bill passed Victoria's lower and upper houses on October 16 and October 30, respectively, as was signed by First Peoples' Assembly co-chairs Ngarra Murray and Rueben Berg, Premier Jacinta Allan and Minister for Treaty and First Peoples Natalie Hutchins on Thursday morning.

Victoria's Governor Margaret Elaine Gardner also signed the document, providing Royal Assent to the Act.

Australia sits alone amongst Commonwealth countries as the only to have never signed a treaty with First Peoples.

In Victoria, the establishment in law "is recognition and renewal. It is a promise that the future will be written together," Assembly co-chair Ngarra Murray said on Wurundjeri and Bunurong Country at the state's Government House.

"We stand here today on sacred lands, lands that carry the dream, the law, the stories, the struggles and the unbroken strength of the First People of this country," Ms Murray said.

"Today marks a turning point in our nation's history, a moment where old wounds can begin to heal and new relationships can be built on truth, justice and mutual respect."

Meaning "tip of the spear" in Gunaikurnai, Gellung Warl will operate as the new Aboriginal government structure.

With Treaty, the First Peoples' Assembly will be able to make representations to Cabinet, ministers and the broader parliament, in addition to the establishment of a permanent truth-telling body and accountability commission.

There is no scope for Treaty to override powers of parliament.

The road to Thursday's "historic" signing began almost a decade ago, with the beginning of government consultations in 2016.

"There was a time in the history of this state where a scene that we have just witnessed would have been thought impossible," Premier Allan said.

"The gravity and importance of this moment is lost on none of us.

"While this is just the beginning of the work ahead of all of us, we are only here today because of the vision, the persistence, the struggle and leadership of Aboriginal Victorians that I pay tribute to this morning."

The Premier said "every word" of the Act carries the legacy of the Assembly and elders who came before, and is a new chapter, founded on truth, to "build a stronger, fairer, more equal Victoria for everyone".

Minister for Treaty and First Peoples, Natalie Hutchins, said Treaty "creates new beginnings,"... "where the pain of the past is acknowledged and First Peoples' sovereignty is affirmed, and we hope a better tomorrow shines brightly for all".

The Victorian Governor outlined its assent "gives legal expression to the voice of first peoples in Victoria, to how truth-telling will be considered and how Treaty will be put into practice" and said Thursday marked "an historic achievement of modern parliamentary democracy".

After a lengthy process, the Yoorrook Justice Commission tabled its final reports in the state parliament in July.

Ngarra Murray and Rueben Berg were elected co-chairs of the First Peoples' Assembly in 2023.

Mr Berg said on Thursday, signing the document, he and his co-chair "sat equal" with the Premier to sign the document.

"Words are cheap, but these words now, in a Treaty, in legislation, these words cannot disappear. These words will not disappear," he said.

"We will activate this process. We will make sure that we deliver on these promises that are set out in this process.

"We will get from this not just better outcomes for First Peoples (but) better outcomes for Victoria, better outcomes for Australia. This makes us all a better state, a better country, better people."

Ms Murray has earlier said: "We have honoured our ancestors and paved the way for generations to come."