Today I announce the reappointment of Mr Glenn Stevens as Governor of the Reserve Bank for a further three year term, as well as my intention to recommend to the Administrator acting on behalf of the Governor-General that Mr Wayne Byres be appointed as Chair of the Australian Prudential Regulation Authority, ensuring a continuation of the world-class financial supervision that helped Australia avoid recession.
I congratulate Governor Stevens on his reappointment, which acknowledges his enormous contribution to Australia's economic resilience through his conduct of monetary policy, as well as his enduring focus on financial stability working together with our other key regulators.
Mr Byres is currently serving in the highly distinguished position of Secretary General to the Basel Committee on Banking Supervision, the global forum responsible for the G20 banking agenda. Mr Byres is the first Australian to ever be appointed to this prestigious role, and his appointment as APRA Chair has been strongly recommended by Dr John Laker AO who has led APRA for nearly a decade, as well as Governor Stevens and Treasury Secretary Dr Martin Parkinson PSM.
Mr Byres was central to Australia's prudential response to the global financial crisis as APRA's Executive General Manager responsible for the supervision of large complex banks, a post he held for seven years. Prior to joining APRA when it was established in 1998, Mr Byres served as a Senior Manager in the Bank Supervision Department at the RBA.
To ensure continuity and stability at Australia's prudential regulator, Dr Laker has agreed to serve as APRA Chair until 30 June 2014 when Mr Byres' term as Secretary-General of the BCBS ends, so that Mr Byres can continue representing Australia in this influential global leadership role.
Dr Laker has overseen the strength of Australia's financial institutions through one of the most turbulent periods for the global financial system in 80 years. His tough supervision has helped to ensure our financial system remains one of the strongest in the world.
Today I also announce the appointment of Ms Kathryn Fagg as a member of the Reserve Bank Board for a five year term from 7 May 2013. Ms Fagg has uniquely broad and diverse experience across a range of Australian industries, having worked in senior executive roles at Linfox, BlueScope Steel, ANZ Bank, McKinsey & Co and Esso Australia. I congratulate Ms Fagg on her appointment.
I acknowledge the retirement from the Reserve Bank Board of Ms Jillian Broadbent AO after 15 years and thank Ms Broadbent for her distinguished contribution to Australian monetary policy.
I have further appointed Mr Paul Costello and Ms Gina Cass-Gottlieb to the Payments System Board of the Reserve Bank for five-year terms from 15 July 2013. Mr Costello was previously the General Manager of the Future Fund and has extensive experience in the financial sector, currently serving as Chair of The Blackstone Group in Australia. Ms Cass-Gottlieb, a senior partner at Gilbert + Tobin, is a highly regarded competition lawyer with expertise in the Australian payment systems' regulation and will make an important contribution to the Board's work on promoting competition in the payments system.
I thank Mr Joseph Gersh AM, who will soon retire from the Payments System Board, for his contribution to the development of payments system policy over the past 15 years as one of the founding members of the Payment System Board.
Mr Ross Jones, the Deputy Chair of APRA, has indicated that he does not wish to seek reappointment. I will therefore be recommending to the Administrator that Mr Ian Laughlin be appointed as Deputy Chair for two years, from 1 July 2013. Mr Laughlin has served as a Member of APRA since 2010 and brings a wide range of private sector experience in the financial services industry to the position. I have commissioned a merit-based process to identify leading candidates to fill Mr Laughlin's vacant position. I thank Mr Jones for his decade of service as Deputy Chair of APRA.
CANBERRA