John Jarratt found not guilty of rape

Wolf Creek star John Jarratt has been found not guilty of raping his housemate more than 40 years ago.

The jury deliberated for less than an hour before the verdict was delivered in the District Court this afternoon.

Jarratt raised both arms and said "thank you" to the jury, as his family sobbed in relief in the moments afterwards.

He had pleaded not guilty, arguing he had consensual sex with the woman in 1976.

He said he was on the way to the room he shared with his wife when she beckoned him in.

"She said it must be exciting making movies. I agreed it was," he said.

He claimed she told him she had recognised him from Picnic at Hanging Rock when they first met and found him "attractive".

"I feel there was a seduction and I unfortunately participated in that and I willingly had sex with her and she willingly had sex with me," Jarratt said.

The woman had told a far different story, of being "pinned" down and raped.

She said she didn't go to police back then because she didn't think they would believe her.

But she said she wanted to come forward now because "he took something from me".

Outside court Jarratt fought back tears as he acknowledged his wife, the "love of his life."

"I'm extremely grateful, I'm over the moon... no man should have to go through what I went through," he said.

In a video posted to his lawyer's Twitter, Jarratt toasted Chris Murphy saying: "To the Godfather of law, we salute you".