Australia’s banking regulator will receive an extra $58 million and have its chairman’s tenure extended amid a period of sustained criticism for the organisation.
Treasurer Josh Frydenberg has reappointed Wayne Byres, who became the Australian Prudential Regulation Authority (APRA) chairman in 2014, for another five-year term.
The reappointment has been made early, with his current term not due to expire until July next year.
It comes after the banking royal commission was highly critical of APRA for failing to prosecute misconduct.
But Mr Frydenberg said Mr Byres deserved to stay in the top job.
“Wayne Byres is well-respected both domestically and internationally,” he said.
“I think he’s done a very good job. But no doubt with all our regulators, be it ASIC or APRA, there will be changes as a result of the Royal Commission’s final report.”
APRA will receive the additional funding over four years to improve its supervision programs.
“What we are keen for is a review of APRA’s enforcement strategy,” Mr Frydenberg said.
“So that it uses its formal enforcement powers across the industry it supervises, including superannuation, in the most effective way.”