Former Treasury official John Lonsdale (pictured above) is the new chair of the Australian Prudential and Regulatory Authority (APRA). Lonsdale replaces current head Wayne Byres whose last day is Monday, two years earlier than his five-year term.

In a media release, ARPA welcomed the new appointment by the Treasurer. Lonsdale is also the current deputy chair of APRA, Australia’s financial services regulator.

“As chair, I want to ensure APRA continues to effectively protect the financial wellbeing of the Australian community with a strong and stable financial system that underpins the functioning of the economy,” said Lonsdale in the release.

He said the challenges ahead are significant.

“A rapidly shifting macro-economic environment, rapid technological development that challenge business models and regulation, cyber threats, insurance affordability pressures, climate change and improving the performance of our superannuation system to name a few,” said Lonsdale.

Byres congratulated Lonsdale on his appointment.

“I am very pleased to be handing over the reins of APRA to one of Australia’s most experienced, capable and committed financial services regulators,” he said.

Other appointments were also announced in the APRA release: Margaret Cole, currently an APRA member, will be appointed deputy chair. Suzanne Smith and Therese McCarthy Hockey, currently both APRA executive directors, will become new APRA members.

The resignation was also announced by the Treasurer, Jim Chalmers. “He’ll be greatly missed but I wish him well,” said Chalmers in a statement.