APRA Chair Wayne Byres Standing Down
(27 July 2022 – Australia) Wayne Byres has announced his intention to step down as chair of the Australian Prudential Regulatory Authority (APRA).
My Byres advised the Governor General of his intent to cease in his role on 30 October, 2022. 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. Mr Byres has also been a contributor to the Council of Financial Regulators and the Payments System Board of the Reserve Bank.
The Australian government will now undertake an open and transparent process to select the next APRA chair. Treasurer Jim Chalmers thanked Mr Byrnes for his contribution to APRA and his dedicated service to Australia. Mr Byres recently said while the Australian banking system remains resilient post-pandemic, the prudential watchdog will be putting a lot more effort into recovery planning in the financial system. Referring to the major shifts facing the industry, such as the digital disruption and the emergency of higher inflation and rising interest rates, Mr Byres said he wouldn’t “lose sleep” over it.
“It has been an honour and a privilege to work for the prudential regulator, but after eight years the time is right. It has been a difficult decision to make, as there is much about APRA I will miss. I’ve enjoyed the past eight years immensely, and I’m pleased with what has been achieved by APRA in that time” Mr Byres commented on his decision.
“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. 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.”
Australian Banking Association (ABA) CEO Anna Bligh said that Mr Byres’ leadership over the past eight years has increased the safety and stability of Australia’s financial system over the long term, ensuring it is “unquestionably strong.”
“Over the past eight years, Mr Byres has provided a steady hand and strong leadership, both in Australia and internationally, particularly through the very stormy economic waters of recent times. He has made an invaluable contribution,” Ms Bligh said.
“As evidenced during the Covid-19 pandemic, Australia’s banks are well capitalised and well placed to handle unexpected shocks to the economy. The prudential strength of Australia’s banks enabled them to act as shock absorbers and support their customers through the pandemic.
“With the leadership of Wayne Byres, APRA was able to take a nimble and pragmatic approach to the regulatory framework during this period which underpinned the ability of banks to act quickly. Wayne Byres is to be congratulated for his strong leadership and his determination to ensure that Australia has one of the world’s strongest banking systems.”