Australian Prudential Regulation Authority (APRA) Chairman John Laker will step down on June 30 next year, to be replaced by Wayne Byres.

Mr Byres previously served as EGM at APRA during a 13-year stint with the regulator.

He is currently Secretary-General of the Basel Committee on Banking Supervision. He was recommended for the new job by Dr Laker, who has led APRA for almost a decade.

APRA Executive Member Ian Laughlin will become Deputy Chairman for two years from July 1, replacing Ross Jones, who will not seek re-appointment after two five-year terms.

Mr Laughlin’s replacement has not been announced.

Treasurer Wayne Swan has recommended the appointments to the Governor-General.

“Mr Byres was central to Australia’s prudential response to the global financial crisis,” he said.