Labor MP Peter Garrett will reprise his role as Midnight Oil frontman for a one-off concert to raise funds for victims of the Indian Ocean tsunami, organisers said today.

Mr Garrett was elected as the Labor member for the Sydney seat of Kingsford Smith at the federal elections last October.

The concert, to be called Wave Aid, will be held at the Sydney Cricket Ground on January 29 with 11 big Australian names headlining the event.

Artists involved include Midnight Oil, silverchair, Nick Cave, Powderfinger, The John Butler Trio, Kasey Chambers, The Waifs, The Finn Brothers, Missy Higgins, Pete Murray and The Wrights.

"The tsunami is a disaster of a proportion that is hard for us to comprehend in Australia," Powderfinger frontman Bernard Fanning said.

"This is a time to come forth and help on whatever level you can.

"Wave Aid is our opportunity to stand and be counted and we implore you to make sure you're by our side January 29th."

Tickets cost $58 plus a booking fee which Ticketek will donate to charity.

With 30,000 tickets going on sale January 17, the money raised could amount to $1.74 million.