Wayne Byres has advised the Governor‑General of his intention to step down as Chair of the Australian Prudential Regulation Authority from 30 October, 2022.

I thank Mr Byres for his outstanding contribution to APRA and his dedicated service to Australia.

He’ll be greatly missed but I wish him well.

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 where he 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.

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 has also been an important contributor to the Council of Financial Regulators and the Payments System Board of the Reserve Bank.

The Australian Government will undertake an open and transparent process to select the next APRA Chair.