AC/DC biographer Jesse Fink shared a black and white photo of a youthful Matters, captioned, "Another former AC/DC musician has died: bassist Paul Matters. RIP, mate."
Matters' death was also announced by his friend Rod Wescombe on Facebook, who said the musician had lived a "reclusive life in his later years" and that his rock 'n' roll lifestyle led to ailing health in older age.
"Shocked and sad to hear of the passing of Paul Matters," he wrote.
"I first met Paul in 1973 when he was playing bass in Armageddon at a gig in Hamilton, Newcastle NSW.
"I recall he could always make me laugh when he was in the mood."
Matters has only given one interview after leaving AC/DC for the 2017 Bon Scott biography The Last Highway: The Untold Story of Bon Scott and AC/DC's Back in the Black.
Speaking about how he was sacked Matters said: "Bon got out of the back of the truck and told me I wasn't going back to Melbourne with them.
"We were up in Sydney doing a concert for school kids. So I didn't play that day. I just turned around and didn't say a word to him. I turned around and walked out."