His election to the position comes after Tony Smith was farewelled as Speaker on Monday.
Mr Wallace has served as the Member for Fisher since 2016 and was re-elected in 2019, and has also been a member of the Speaker’s Panel since 2019.
Labor put forward a contender for the role, Victorian MP Rob Mitchell, but lost the ballot 59 votes to Mr Wallace’s 70 votes.
Andrew Wallace has been elected as the new Speaker of the House of Representatives, beating Labor’s nominee 70 votes to 59.
The Member for Fisher also beat out former Howard government minister Kevin Andrews, the MP for Menzies.
Mr Wallace was earlier nominated by Liberal MPs to take Mr Smith’s position.
Government nominates Andrew Wallace for speaker
Prime Minister Scott Morrison welcomed Mr Wallace into the position in a speech to the House, saying “he’s a very decent man, and he’s a very experienced person but when I’ve asked to nominate one quality of why it’s so important that he now occupies this chair is the Speaker is a very fair man”. 
“He has a great sense of fairness about him and it is borne of all those qualities. 
“You’re not Tony Smith mark two, you’re Andrew Wallace mark one and I think you’ll bring your own values and your own experience to this chair and be able to ensure that you’ll continue that work of enabling all the members of this place to be able to realise, through this place, their aspirations for the people they’ve come here to represent.” 

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