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Media Releases

Statement from APRA Chair Wayne Byres

Tuesday 26 July 2022

As the Treasurer announced earlier today, I have advised the Governor-General that I intend to stand down as Chair of APRA, effective 30 October 2022.

Being Chair of APRA has been an honour and a privilege. I’ve enjoyed the past eight years immensely, and I’m pleased with what has been achieved by APRA in 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. 

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. It has been a difficult decision to make, as there is much about APRA I will miss, but after eight years as Chair I believe the time is right. I have every confidence the organisation will continue to do great things for the Australian community.

Until my departure in a few months’ time, I will be fulfilling all my usual obligations as Chair and accountable authority for APRA. However, I would like to take the opportunity that today’s announcement provides to acknowledge my friends and colleagues in APRA, and across the public sector more broadly, for their unstinting support and cooperation. I have greatly appreciated their help.

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The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding $7.9 trillion in assets for Australian depositors, policyholders and superannuation fund members.