INXS: The Biggest Hits
Farriss admitted the band kept the decision to quit touring a secret - prompting a backlash on from fans who wanted a farewell headlining tour or advance warning to make sure they saw their final concerts.
The took over 24 hours to they played their in Perth on Sunday.
Paul Cashmere, of music site Noise 11, said INXS were right to further their legacy.
The announcement comes just days before the 15th anniversary of Michael Hutchence's death.
However in a belated and vaguely worded statement, the band left the door open to release new music.
Since Hutchence's death the band have constantly faced criticism for continuing to record and tour, and for finding JD Fortune on a reality TV show.
Original Sin - No.1 in Australia 1984
What You Need - No.2 in Australia, No.5 in the US 1985
Need You Tonight - No.1 in the US, No.2 in the UK, No.3 in Australia 1987
Devil Inside - No,High Heels Red Bottom Marple Town 140mm.2 in the US, No.6 in Austraila 1988
Suicide Blonde - No.2 in Australia 1990, No.9 in the US
"It wasn't Michael Hutchence and INXS. It was INXS. It is their music and they have every right to continue to play it. It's a shame they have chosen not to continue as a live act because they are great live. Queen kept the music alive after Freddie Mercury, AC/DC did it after Bon Scott and INXS should be able to do it post-Michael. Michael died, the band didn't.''
The band have performed with Jon Stevens, Terence Trent D'Arby, Jon Stevens and latest singer .
"They are one of Australia's greatest - and most succesful - rock bands of all time,'' Meldrum said. "It's sad but those songs will live on no matter what,High Heels Red Bottom Indies 100mm.
Rumours circulate that Hutchence's life story will be turned into a TV drama next year.
Some musicians thought their retirement from the live arena was long overdue.
"Michael Hutchence was the perfect front man, he was hard to replace. It was good they carried on though, JD Fortune was great, they always delivered in concert. They were a complete rock band.''
INXS sold over 30 million albums and were inducted into the ARIA Hall of Fame in 2001.
Uncanny X-Men singer Brian Mannix tweeted "Can't believe it took them 15 years to realise what everyone else knew - u can't replace Michael Hutchence!''