The head of the banking regulator has advised the Governor-General that he will step down from his role from 30 October.
Chair of the Australian Prudential Regulation Authority Wayne Byres said he felt now was the right time to hand over to someone new after eight years in the job.
My Byres said he was pleased with what APRA had achieved over that time.
“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,” he said.
“Against that backdrop, I feel that now is a good time to hand over the chair’s role to someone new, who will lead the organisation on the next stage of its journey.
“Just as we expect the financial institutions we regulate to carefully consider how they renew their leadership, the same applies to APRA.
“I have every confidence the organisation will continue to do great things for the Australian community.”
Mr Byres thanked his friends and colleagues at APRA, and across the public sector more broadly, for their unstinting support and cooperation.
“I have greatly appreciated their help,” he said.
Treasurer Jim Chalmers thanked Mr Byres for his outstanding contribution to APRA and his dedicated service to Australia.
“He’ll be greatly missed but I wish him well,” Mr Chalmers said.
“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.
“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.”
Mr Byres has been part of APRA since its establishment in 1998, and has held a range of senior executive positions across policy and supervisory divisions.
He was Secretary General of the Basel Committee on Banking Supervision before he was appointed APRA chair on 1 July, 2014.
Mr Chalmers said that under Mr Byres’ leadership, APRA’s public profile had been strengthened through his commitment to transparency and communication – important in underpinning public trust in the security of Australia’s financial system.
Mr Byres has also been an important contributor to the Council of Financial Regulators and the Payments System Board of the Reserve Bank.
The Federal Government will undertake an open and transparent process to select the next APRA chair.