The couple has named their beautiful daughter Harper May Stefanovic, weighing in at 2.9kg.
Karl was spotted taking his heavily pregnant with to the hospital before the announcement was made.
"Harper and Jasmine are doing well and dad had a great night's sleep. I am in awe. Harper is absolutely perfect," Karl told Today.
This is Karl and Jasmine's first child together but marks Karl's fourth child, who has three kids with former wife Cassandra Thorburn - Jackson, 20, River, 12, and Ava, 14.
Karl and Jasmine got married in San José del Cabo, Mexico in December 2018, and have been eagerly awaiting their first child together.
Speaking to 9Honey in February, 45-year-old Karl revealed that he and his wife are "really excited."
"Jasmine looks so beautiful and is handling pregnancy in such an incredible way. Our whole family can't wait to meet our little princess."
Unfortunately, Karl also revealed earlier this month that his mother Jenn won't be able to meet the baby until travel restrictions are lifted, as she lives in Queensland.
Congratulations to the happy couple!