"We have nothing but love and respect for one another, and no one is to blame for the end of this relationship. Simply a case of ‘almost perfect’."
They added, "We hope you all can please show compassion as we navigate this privately. Love, Liv & Jack xx"
It's the end of a turbulent relationship since they were first paired on MArried at First Sight, with Jackson famously cheating on Liv back in late May.
The news spread like wildfire on social media, as did footage of Jackson kissing a 20-year-old woman named Hannah Hughes while out in a bar in Melbourne.
After a week of drama and claims that the incident was a publicity stunt, Jackson and Olivia put rumours of a breakup to bed in a video where Jackson took full responsibility for his "f---ed" actions.
"I f---ed up. A bit of background, all the negativity we've been getting from the show, the way I've been dealing with it is to get blackout drunk which don't get me wrong isn't an excuse," Jackson said.
"It's not acceptable, it's not the person I wanna be, it's not who I am. I am seeking help to figure out how to combat my emotions and how to deal with this negativity.
"It has been s--t but I've been very happy to have Liv by my side. She's been nothing but an angel throughout it all."
WATCH: Olivia Frazer and Jackson Lonie speak out about cheating
Olivia, sitting by Jackson's side, then added: "we're hanging in there. We're staying together. We've got a lot of feeling to do but ultimately we love each other and it's not worth throwing away."
The shock split comes just one week after the pair were reunited following Olivia taking a solo trip to the UK as Jackson remained in Australia, with Liv posting a sweet snap of Jackson kissing her forehead at the airport to Instagram.