Initial information indicated the officers were shot by two armed offenders on Monday evening when they approached the residence on the property in Wieambilla, about 300 kms (186 miles) northwest of Queensland capital Brisbane, state police said in a statement.
Three people, including a woman, were shot dead after specialist officers and air support responded to a siege situation at the property, the police said.
A member of the public was also killed while two other police officers were taken to the hospital with non-life-threatening injuries.
Prime Minister Anthony Albanese described the incident as "terrible and a heartbreaking day for the families and friends of the Queensland Police officers who have lost their lives in the line of duty."
"My condolences to all who are grieving tonight - Australia mourns with you," Albanese said in a tweet.
Queensland Police Commissioner Katarina Carroll said the shooting was the largest loss of life the state police suffered in one incident in recent times.
Circumstances surrounding the incident, including the deaths, will be investigated, Carroll said.