COBA acknowledges outgoing APRA Chair Wayne Byres’ significant contribution to banking regulation in Australia.
Mr Byres’ leadership has seen APRA increase its focus on the impact of the regulatory compliance burden on smaller banks.
COBA wishes Mr Byres the best for the future and looks forward to working with the new APRA Chair.
“On Wayne’s watch, APRA has become more conscious of examining where and how the regulatory burden falls,” said COBA CEO Mike Lawrence.
“In a recent speech the APRA Chair highlighted the regulator’s efforts to adopt graduated approaches to avoid undue costs on smaller competitors, to introduce facilitative measures that promote more active competition and to simplify regulation to reduce compliance costs.
“Wayne’s leadership has seen a significant change for the better in how APRA operates.
“While we may have different views, Wayne has always been willing to listen and give us a fair hearing.
“We look forward to working with the new APRA Chair to ensure the customer-owned banking sector can continue to grow and thrive to benefit more Australians.”
For further information, please contact media@coba.asn.au.