The moviemaker, famed for his hit films Easy Virtue and The Adventures of Priscilla, Queen of the Desert, took to the stage at the ceremony in Sydney and used the opportunity to talk about his sexuality and call for gay marriage to be made legal Down Under.
He told the audience, "I've been offshore for many, many years for another reason. Basically it was because I was scared of who I was. I basically was scared that I was gay. Even after Priscilla I stayed offshore basically because I was frightened of my family. And tonight I'm coming out."
Elliott's speech was reportedly met with loud applause from the crowd.
The big winner at the ceremony was drama film Snowtown, which received a Special Mention at the Cannes Film Festival in France over the summer (11).
The movie won prizes for Best Direction (Justin Kurzel) and Best Adapted Screenplay, while its stars Daniel Henshall and Louise Harris were named Best Lead Actor and Best Supporting Actress.
Hugo Weaving collected the Best Supporting Actor trophy for his role in Oranges And Sunshine.