He retired from the Senate on 11 February 2000. He was Chair of the Coalition of Australian Governments Independent Energy Review Panel and a member of the Governing Council of the Old Parliament House (Qld). He was appointed a Member of the Order of Australia in 2005. Parer served as President of the Queensland Liberal Party from 2006 until February 2008. He was also appointed Chair of the Royal Brisbane and Women’s Hospital Foundation in 2010, and Chairman of the Board of Stanwell Corporation Limited in May 2012.