Queensland MP elected as new Federal Parliament Speaker

Coalition MP Andrew Wallace has been elected Speaker of the House of Representatives in Federal Parliament.

The parliament elevated Mr Wallace, a Queensland LNP MP, to the role today after he received the endorsement of party colleagues yesterday.

He beat Labor nominee Rob Mitchell by 70 votes to 59.

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Mr Wallace, first elected to Federal Parliament in 2016, will replace the current Speaker Tony Smith, who is retiring at the next federal election.

Mr Wallace, 53, has been a strong advocate for the National Disabilities Insurance Scheme and vulnerable families affected by gambling addiction.

He is the 31st Speaker since Federation and the first Queensland Liberal MP to hold the job since Peter Slipper quit the party to sit as an independent during the Gillard government from 2010 to 2013.

Under a centuries-old tradition established by the UK House Commons, Mr Wallace feigned reluctance as he was "dragged" to the Speaker's chair by two fellow MPs today.

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Mr Smith is regarded as one of the best Speakers of modern time and his tenure drew praise from both sides of politics.

Prime Minister Scott Morrison yesterday said he was "the finest Speaker that this Parliament has had the great opportunity to witness".

Mr Morrison said Mr Smith had set the bar "very, very high" for his successor.

Opposition Leader Anthony Albanese also praised the tenure of Mr Smith.

"Whoever follows you will have a difficult task because of the quality of your performance," he said.