16 August 2018

Strengthening APRA governance


The Turnbull Government has strengthened the Australian Prudential Regulation Authority (APRA) by legislating that a second Deputy Chair to be created.

This newly-created position will ensure APRA has the capabilities to effectively carry out its mandate.

I intend to nominate Mr John Lonsdale for a five year term to fill this second Deputy Chair position. The appointment will be conditional upon the Governor-General's approval.

Mr Lonsdale was most recently the Deputy Secretary, Markets Group at the Treasury. He will bring to APRA a deep knowledge of the financial system and policy expertise acquired in his over 30 years at Treasury. He also played a critical role in helping to shape the current regulatory agenda in Australia through his role as head of the Secretariat of the Financial System Inquiry in 2014.

The Turnbull Government is continuing to increase accountability and competition in the financial sector. These actions include APRA's implementation of the Banking Executive Accountability Regime, as well as helping foster competition and drive out complacency amongst incumbents by supporting the entry of new banks into the sector.

The Turnbull Government continues to monitor, and where necessary strengthen, the capabilities of our financial regulators.