The head of Australia’s banking regulator will end his term almost two years early, announcing he will step down at the end of October.
Key Points:
- Wayne Byres to step down as chairman of banking, super and insurance regulator APRA on October 30
- Byres was re-elected in 2019 for a five-year term that would have ended on June 30, 2024
- Treasurer Jim Chalmers says the government will conduct an “open and transparent” process to find the new APRA chair
Byres has been the chair of the Australian Prudential Regulation Authority (APRA) since 1 July 2014, and was appointed by then-treasurer Josh Frydenberg for another five-year term from 1 of July 2019.
However, Byres has informed the Governor-General of his intention to step down as chairman of APRA on 30 October 2022.
Byres said he thought the time was right for a change in leadership at the regulator, which oversees banks, insurers and pension funds.
“There is always more to do, but the financial system is stable, APRA’s leadership team is strong and the organization and its people are well placed to continue to manage future challenges,” he said in a statement.
“In this context, I believe now is a good time to cede the role of the chair to someone new, who will lead the organization on the next stage of its journey.”
Treasurer Jim Chalmers said in a statement that the government would “undertake an open and transparent process to select APRA’s next chair”.
“I thank Mr Byres for his outstanding contribution to APRA and his dedicated service to Australia,” Chalmers continued.
“He will be sorely missed but I wish him the best.
“Throughout a long and distinguished career, Byres has made a significant contribution to the Australian financial system and the global prudential regulatory framework.”
Mr. Byres has held a number of senior positions at APRA since its inception in 1998, and was also General Secretary of the Basel Committee on Banking Supervision before being appointed APRA Chair.