Australia must prepare for greater economic efficiency and budget improvements within the next decade, says the former Speaker of the House of Representatives.
Victorian MP Tony Smith - retiring after 21 years in parliament - says while it was necessary for the federal government to provide pandemic assistance it cannot continue forever.
Having been a senior adviser to former treasurer Peter Costello, who brought in the GST, he urged all parties to take economic reform seriously.
"I don't want future parliaments to think it's without cost to continue borrowing to fund future recurrent spending," he said in his valedictory speech on Thursday.
"After the turmoil and the economic dislocation of this pandemic, and the need for the additional borrowing is well behind, Australia ... will need to make the tough decisions to secure the future."
Mr Smith says the reality is no matter which party is in government, decisions will need to be made on spending cuts to improve Australia's debt.
"The decision to do nothing is an active decision to see things deteriorate and consign future generations to an Australia with fewer opportunities," he said.
Mr Smith was unanimously elected Speaker three times, serving in the role for six years.
He was considered one of the best Speakers of modern times.
Having previously been tasked with keeping both sides of parliament in line, particularly during Question Time, he had some parting words of advice for his colleagues.
"There's no point in needlessly and consistently shouting ... the volume of your voice never increases the quality of your argument," he said.
He also implored people on both sides to demonstrate more civility to improve the public's respect for the parliament.
"If this house regularly demonstrates poor behaviour it diminishes members and dilutes the respect," he said.
