The federal government will be looking for a new chair of the Australian Prudential Regulation Authority following news the current chair, Wayne Byres, will step down early from the role on 30 October 2022.
Byres has been at APRA for almost two decades and was made its chair in 2014; he was appointed to a second chair term in 2019.
His career has seen him work across a range of institutions, with 10 years of service at the Reserve Bank of Australia.
Byres was also seconded to the Bank of England in London for a period before he joined APRA in 1998.
He left APRA in 2011 to take up the role of secretary general of the Basel Committee on Banking Supervision and then returned to head Australia’s banking regulator.
Treasurer Jim Chalmers thanked Byres for his service to APRA.
“Throughout a long and distinguished career, Mr Byres has made a significant contribution to the Australian financial system and the global framework for prudential regulation,” Chalmers said.
“His leadership and expertise has positioned the Commonwealth to respond well to some of the greatest challenges in Australia’s history — most recently in ensuring the stability of the financial system during the COVID-19 pandemic.”
Chalmers said the banking regulator had increased its public profile over the time Byres had led it.
“Under Mr Byres’ leadership, APRA’s public profile has been strengthened through his commitment to transparency and communication — important in underpinning public trust in the security of Australia’s financial system,” Chalmers said.
“He has also been an important contributor to the Council of Financial Regulators and the Payments System Board of the Reserve Bank.”
Byres is the latest head of a government body to leave since the election of the Albanese government.
National Disability Insurance Scheme chair Denis Napthine departed not long after that entity’s chief executive officer, Martin Hoffman.
Charities regulator Gary Johns announced his resignation following a controversial term in the top job at the Australian Charities and Not-for-Profits Commission.
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