The annual fixture in Canberra has been shuffled to the back end of the Australian summer and will be played as a Twenty20 for the first time next month.

Border alluded the fixture is losing relevance on the cricketing calendar and would like to see the match played as it was originally intended.

"It was a very important game when I played because it gave a lot of young players some exposure against high quality opposition, which was the whole idea of the game," Border said.

"A lot of fringe players put their hand up for national selection and were given opportunities, quite a few players who impressed found themselves in the national side in the not too distant future."

"It's a shame it's a T20 now... I'd like to see it go back to a 50-over game and played before the ODI's to give the visiting team a work-out and give the selectors the opportunity to look at younger players."

The PM's XI will host Sri Lanka in the capital next month with retired Test batsman Adam Voges named captain, a far cry from Border's day.

Border captained the side 11 times between 1984 and 1996, included clashes against the invincible West Indies, England and India when he was the Test captain.

"It's very difficult to get the national captain in this day and age but I think he [Steve Smith] would really enjoy the fixture because it gives him the chance to see the younger players," he said.

"The national captain doesn't play a lot for first class cricket these days which means he doesn't get to see the up-and-coming youngsters, so it would be a good opportunity for him but times have changed.

"These days it's usually an older player or someone just recently retired, but I think it's a huge honour for Adam and he will thoroughly enjoy the day."

Border, 61, has fond memories from his time in the side and confirmed he would share a cold beer with the Prime Minister of the time after each match.

"Yeah I did [drink with Bob Hawke], I'm not as a good at skolling beer as him but he was very passionate about the game of cricket, as was John Howard," Border said.

"I thoroughly enjoy the day, it was always a festival-like atmosphere and the facilities are second to none with the addition of the lights Manuka.

"I have great memories of playing with a host of young up-and-coming players who all acquitted themselves well for the PM."

Border confirmed he still tunes for the annual fixture and is looking forward to the contest against Sri Lanka next month.

"I still keep a close eye on it, I haven't got the direct involvement these days but I still try to keep my eye in so to speak," Border said.

"I watch all the games, Big Bash and Internationals, but this is a game to keep an eye on especially because we get to see young players given opportunities.

"It's good to see them running around representing the Prime Minister, it's just a fun day with plenty to play for."

The ICC's 16th ranked nation Papua New Guinea play an ACT XI in a curtain-raiser for the match at Manuka Oval on February 15.