A PICTURE hangs in Tony Abbott's Canberra office of the PM riding a horse with Graeme Acton and three other CQ cattlemen at Paradise Lagoons.

"There were four people who could ride and then there was me," Mr Abbott said on Saturday as he spoke shortly before unveiling a bronze memorial bust in honour of his valued friend, the late Mr Acton.

"It's a real thrill to me to be able to have that memento of Paradise Lagoons, Graeme Acton and country Australia sitting in my office," he said.

"It's a great reminder of the heart and soul of this country and this centre is likewise, a great reminder of the heart and soul of our country."

The Prime Minister spoke to a crowd of thousands who had joined to remember Mr Acton at the first campdraft since his passing.

Laughter and tears filled the arena.

Before Mr Abbott unveiled the bust, he shared some kind words.

"It is a real honour for me to be here today to celebrate the life, the works and the spirit of Graeme Acton," he said, surrounded by members of the Acton family.

"What better place to pay tribute to the Australian sport of campdrafting and to acknowledge the fact that this is the Flemington of campdrafting.

"It's terrific to be celebrating someone who walked tall, stood tall and rode tall.

"He was a great cattleman, a great Queenslander and a great Australian.

"It's a real honour to be here."

Mr Abbott unveiled the bust of Mr Acton with Mr Acton's famous words, "I guess I don't have too many small dreams."