Liberal backbencher Andrew Wallace has become the new Speaker for the House of Representatives, following the resignation of well-respected speaker Tony Smith.

Just after midday, Mr Wallace feigned reluctance as he was dragged by his colleagues to the speaker's chair, following a centuries-old parliamentary tradition.

Mr Wallace is a little-known MP who was first elected in the Queensland seat of Fisher at the 2016 election.

Before entering parliament, Mr Wallace had a career practising in construction law and as a carpenter.

He takes the position after Mr Smith said he was ending his six-year career as speaker early so he could serve as a backbencher for a few weeks before retiring from politics.

Mr Smith was lauded across the aisles of the house as a fair and considered speaker, who treated MPs equally, regardless of their party affiliation.

He has been considered one of the greatest speakers since federation and was the first speaker to be elected unopposed on three occasions since the inaugural holder of the position.

Paying tribute yesterday to his time as speaker, Prime Minister Scott Morrison said he had earned the respect of everyone in the chamber, and of those who look on it.

"I suspect we have seen the finest speaker that this Parliament has had the great opportunity to witness in action," he said.

"You have ensured at all times, as you said you would, that you would give a fair go to all on the floor of this chamber."

Opposition Leader Anthony Albanese said Mr Smith had been a true parliamentarian.

"Your title may be 'Speaker', but you have been a careful listener," he said. 

"You have weighed up what is before you with great care and thought, with dry humour, with wisdom and, importantly, with authority."

Mr Albanese said whoever followed would have a "difficult task".

Wallace says he will strive to be a fair speaker

Mr Wallace takes the chair in the final sitting fortnight of the year and possibly the last before the election, if it is called for March 2022.

Following his appointment, Mr Wallace paid tribute to Mr Smith's time as speaker.

"Without a doubt, he is a tough act to follow," Mr Wallace said.

"I will do my best to manage the parliament's day to day operations … in the interests of all of us. I will strive to give all members of the house a fair go.

Mr Wallace also told parliament he would keep the practice of not sitting in the Liberal party room while he holds the position.

Mr Morrison congratulated Mr Wallace on the new role.

"As a member and now as the speaker, he brings a life experience that I think will now aid him much in the responsibility that he now holds," Mr Morrison said.

"The Speaker is a very fair man, he has a great sense of fairness about him."

Mr Morrison noted he would not be "Tony Smith Mark II, but Mr Wallace Mark I".

Mr Albanese told Mr Wallace he had "considerable shoes to fill", but it was a credit to him that he had risen to the high office of speaker after only a short time in parliament.

"It will be an important time for you to demonstrate the qualities which led your party to nominate you for this position," Mr Albanese said.

Labor's nomination for speaker Rob Mitchell, who currently serves as deputy speaker, was defeated in a vote on the floor of the house.