By EMMA PARTRIDGE
NSW Police Homicide commander, Detective Superintendent Mick Willing, said Bronwynne's parents were distressed but relieved at the news someone had finally been arrested over their daughter's death.
"A 17-year-old girl lost her life under horrific circumstances," he said on Thursday.
"The pain of murder lasts forever."
He told journalists at a Sydney press conference that police believed one other man had been involved in the beauty queen's death but that person was now dead.
There were no other persons of interest in the case apart from Mr Newey, who will shortly be charged at Sydney Police Centre.
"We are not looking for anyone else."
Superintendent Willing said with extra resources being thrown into the Unsolved homicide team, there would be more cold case arrests in the near future.
He sent a message to those who have murdered but still walk free.
"Sooner or later your past is going to catch up with you," he said.
The homicide boss mentioned several times how proud he was of Unsolved homicide detectives.
"I do commend and congratulate the detectives involved in this case."
12.27AM: Police have arrested a man over the murder of Bronwynne Richardson in Albury in 1973.
Colin Michael Newey , 61, was arrested by detectives from the Southern Region Unsolved Homicide Team and local police in his home town of Murray Bridge, in South Australia, shortly after 10am Wednesday.
He appeared in the Murray Bridge magistrates court before being taken to the Adelaide Watch House where he was kept overnight.
Newey will be extradited back to Sydney this afternoon and formally charged with the abduction, rape and murder of Miss Richardson, 17, who disappeared after working at Coles in Albury on October 12, 1973.
Her body was found in Horseshoe Lagoon, off the Murray River, two days later.
She had been physically and sexually assaulted and in 1975, a coronial inquest found that she died of strangulation and drowning.
In 1990, based on fresh information, a new investigation was launched and three men were charged in connection to the crime, however none of them were convicted.
The newly-formed unsolved homicide team began investigating the case in 2008 and another coronial inquest began in 2011.
Her case is the oldest unsolved homicide in NSW to have resulted in an arrest.
Police will release more details at a media conference this afternoon.
2011 Year in Review: Looking back on the 2011 inquest
2011 inquest:Family lives in hope that justice will be done
2011 inquest: Max Martin released from jail the same day
2011 inquest:The years haven't healed mother's broken heart
2011 inquest: Cousin Peter Newy was probed by police over death
2011 inquest: Abduction witness Wayne Leitch was 'ignored by police'
2011 inquest: Worker Ralph Treptow recognised driver as Geoffrey Brown
2011 inquest: Colin Newey tells inquest of admission
2011 inquest: Anonymous call led to Ross Eames
2011 inquest: Silence ended bid to try Geoffrey Brown
2011 inquest:"Bronnie, you're going to die"
2011 inquest: Two named as persons of interest