APRA chair steps down

Wayne Byres (pictured above), the chair of the Australian Prudential Regulation Authority (APRA) has announced his resignation. Byres is stepping down two years earlier than the end date of his five-year term.

“Being Chair of APRA has been an honour and a privilege,” said Byres in an APRA media release. “I’ve enjoyed the past eight years immensely and I’m pleased with what has been achieved by APRA in that time.”

Byre’s resignation is effective from 30 October and was also announced earlier today by the Treasurer, Jim Chalmers.

“He’ll be greatly missed but I wish him well,” said Chalmers in a statement.

The Treasurer referred to Byre’s senior roles at APRA since its establishment in 1998 and his appointment as chair in 2014.

“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,” he said.

Chalmers said the Australian government will undertake an open and transparent process to select the next APRA chair.

“There is always more to do, but the financial system is stable, APRA’s leadership team is strong, and the organisation and its people are well-placed to continue to manage future challenges,” said Byres.

He also acknowledged “friends and colleagues in APRA and across the public sector” for  “unstinting support and cooperation.”

APRA is a statutory authority of the Australian government and the regulator of the Australian financial services industry including insurance, banking and superannuation.