Former Victorian Labor senator John Button has died after suffering pancreatic cancer at the age of 74.

Born in Ballarat, Mr Button served in the Federal Parliament between 1974 and 1993.

He began his career by studying law at Melbourne University specialising in industrial law before standing for the Senate in August 1974.

Under Labor prime ministers Bob Hawke and Paul Keating he served as the Minister for Industry and Commerce and played a pivotal role in modernising industry and introducing foreign competition to car manufacturing.

In in 1983, Mr button is known to have persuaded his friend and then Labor leader Bill Hayden to step down as opposition leader to pave the way for Mr Hawke to become Prime Minister.