Rush, 66, was accused of misconduct in a now deleted news report in Australia's Daily Telegraph which stated that Sydney Theatre Company received a complaint against the Oscar-winner, who starred in the company's adaptation of 'King Lear' in 2015.
The "Pirates of the Caribbean" actor has denied the allegations saying his conduct has always been beyond reproach.
The Australian Academy also announced that the veteran actor had resigned but did not elaborate any further.
"We have been deeply concerned about the situation and support a course of action that both respects Geoffrey's rights to the presumption of innocence and due process, but also acknowledges good corporate governance in these circumstances," the statement posted on AACTA website read.
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