Karl went on to recall some of the sage advice Tracy had given him over the years, while throwing in a cheeky admission about the ACA host.
"Among many other things Trace taught me how to prepare and interview in my own way. She taught me not to be needy because the business is tough."
"She taught me how to drink and never show it the next day. Well, two out of three ain’t bad," he joked, adding, “You are a master of our craft and we are all fortunate to have you as a guiding light.”
He continued, “You are the best I have ever seen and you are quite capable of drinking me under the table and I look forward to being under the table very soon.
“Job well done Grim Grim.”
The veteran journalist, who has been presenting the show for more than 17 years, made the surprise announcement as ACA which aired on Monday night.
"Normally right about now we'd be telling you what to expect tomorrow night but lately I've personally been thinking longer term, and I have some news that I wanted you to hear from me before you hear it from anyone else," she said.
"I've decided to finish up with A Current Affair this year. It's been a big decision and before the gossip websites start telling you rubbish, I want you to know it's been my decision alone and I'm not being shoved out the door by the boys club because I'm too old.”
“I’m not too old, I’m just a bit tired. And for the record, both the boys and the girls have asked me to stay.”
She finished by thanking her longtime audience and fans ACA, saying "Thank you for your loyalty. I hope I’ve repaid it."