Born in Sydney, he received a primary education before becoming a seaman and an organiser of the Seamen's Union of Australia.

[1] After Wallace's defeat in the 1919 election, Ryan's successor Ted Theodore appointed him to a position in the Queensland Navigation Department.

After Ryan's death on 1 August 1921, he stood for Labor preselection in the 1921 West Sydney by-election; he lost to William Lambert.

[2] Wallace suffered a heart attack on 19 September and died the following day at St. Joseph's Hospital, Auburn, aged 40.

[3] His wife, the former Bridget Gallagher, was left destitute with four young children but was supported by his parliamentary colleagues.