The head of one of Australia’s major financial regulators is stepping down. 

Wayne Byres has chaired the Australian Prudential Regulation Authority (APRA) since July 1, 2014, and was reappointed to another five-year term commencing July 1, 2019, by then-treasurer Josh Frydenberg.

But Mr Byres has advised the Governor-General of his intention to step down as APRA chair on October 30, 2022 - several years before his contract expires. 

Mr Byres says he wants to see a change in leadership at the regulator in charge of banks, insurers and superannuation funds.

“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 in a statement.

“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.”

Treasurer Jim Chalmers says the federal government will “undertake an open and transparent process to select the next APRA chair”.

“I thank Mr Byres for his outstanding contribution to APRA and his dedicated service to Australia,” Mr Chalmers continued.

“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.”