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

However, Mr Byres has advised the Governor-General of his intention to step down as APRA chair on October 30, 2022.

Mr Byres said he thought the time was right for a change in leadership at the regulator, which oversees 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 said in a statement the government would "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."

Mr Byres has held a number of senior roles at APRA since its establishment in 1998, also spending time as the secretary-general of the Basel Committee on Banking Supervision before being appointed as APRA chair.

Original Story By | Michael Janda