New Australian Prudential Regulation Authority (APRA) Chair John Lonsdale starts his role today, succeeding Wayne Byres who stepped down after eight years at the helm.

Treasurer Jim Chalmers announced last week Mr Lonsdale, previously APRA Deputy Chair, would lead the prudential regulator, and other key appointments following the departure of Mr Byres.

APRA Member Margaret Cole will become Deputy Chair while APRA Executive Directors Suzanne Smith and Therese McCarthy Hockey have been anointed Members of the Board.

With the changes, four of the five board member positions are held by women.

Mr Lonsdale says under his leadership, APRA will remain focused on fulfilling its mandate and ensuring that Australia has a strong and resilient financial system.

“The Treasurer’s appointments provide a strong and capable set of APRA Members to protect Australian depositors, insurance policyholders and superannuation members,” Mr Lonsdale said.

He says the challenges ahead are “significant” including a rapidly shifting macro-economic environment, cyber threats, insurance affordability pressures and climate change.

“Successfully managing these challenges will deliver better outcomes to the Australian people,” Mr Lonsdale said.