Speaker of the House
In December 2004, the Government announced that it would nominate Wilson for the post of Speaker of the House of Representatives, a position which would become vacant with the pending retirement of Jonathan Hunt. Previous speculation had focused on Mark Burton, the Minister of Defence. In her memoir, Wilson recalled advising Prime Minister Helen Clark toward the end of 2004 that she could not see herself doing a third term as a minister and that she intended to retire at the 2005 election. Clark suggested that Wilson consider the speakership instead.
On 3 March 2005, Parliament elected Wilson as its new speaker over candidacies by Clem Simich from the New Zealand National Party and Ken Shirley from the ACT Party. Wilson became New Zealand's first female speaker. After the 2005 election, she was re-elected to the position unopposed.
On 21 June 2005, Wilson ejected the Prime Minister Helen Clark from Parliament's Chamber for interjecting while National's Nick Smith was speaking.
Her style was noticeably different from her predecessor. In July 2006, National attempted a vote of no confidence in Wilson, after she refused to send a report on Labour MP Taito Phillip Field to the Privileges Committee, but Labour blocked the move. The most serious challenge to her authority as speaker came on 26 August 2008, when Act leader Rodney Hide initially refused her order to leave the debating chamber, saying, "I actually won't go now, Madam Speaker." She told him to "think carefully", but did not apply to have Hide named after he left. Wilson oversaw the launch of Parliament TV in July 2007.
Wilson announced in February 2008 that she would not be standing for re-election in 2008, and was considering academia rather than a diplomatic posting. She finished her role by closing the 48th Parliament.
In the 2009 New Year Honours, Wilson was appointed a Distinguished Companion of the New Zealand Order of Merit, in recognition of her services as a Member of Parliament and as Speaker. Following the restoration of titular honours by the New Zealand government later in 2009, Wilson declined re-designation as a Dame Companion.