Wayne Byers goes at last

I wonder what juicy gig he’s going to:

Australian Prudential Regulatory Authority chairman Wayne Byres has advised Treasurer Jim Chalmers that he will step down, with a search now underway for his replacement.

Mr Byres will step down on October 30 after a more than eight-year stint, during which he has led the banking, insurance and superannuation systems through the global pandemic, as well as major international changes.

No hard feelings, Wayno, but you should never have been reappointed. The new recruit should come from far outside the system with a distinct track record of steadfast and ruthless regulation:

In Australia, it just doesn’t do to tell the truth about our ruling classes. Take, for instance, Wayne Byers, chairman of the Australian Prudential Regulatory Authority. As the Hayne Royal Commission exposed banking disgrace after crime in 2019, it became abundantly clear that APRA had completely failed under Byers over the previous cycle.

Yet what happened? Why! He was reappointed in the middle of the HRC, immediately before Justice Hayne turned to condemn APRA ‘s failings. Byers should have been sacked or resigned, as some within the Australian parliament demanded.

The swamp drained by a teaspoon.

Houses and Holes
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Comments

  1. Would have thought he’d breathe a sigh of relief knowing that the RBA review specifically ruled out APRA in its terms of reference. I suppose he must have another highly motivating reason to move on. Likely he knows what is coming.

    • Achievements - 10-1 mortgage to income ratio and thats it.MEMBER

      Retiring from job description of doing nothing that affects banks (except helping banks increase the amount of mortgages to 10 times income ! Achievement ! and increase their bonuses) to
      enjoying doing little in retirement.
      Hope the new guy is not another ex-banker.

      • happy valleyMEMBER

        Byers was basically an RBA alumnus. Plenty of current RBAers would probably like this $700+ k pa sheltered workshop gig?

  2. Not a sign inspiring confidence in the banks.
    My guess is he knows too much about just how dodgy bank lending has been and how their books are likely to hold up in a (marginally) higher interest rate environment.

    I think he is a rat deserting the ship.

    • happy valleyMEMBER

      +1000 Former RBA Captain Glenn (now Mac Group/Mac Bank Chairman) should be able to give him a few tips as to how to land a juicy NED role or three.

  3. This will effectively make the Backboneside Phil the last of the “Mohicans”.
    Better be prepared for scalping.

    • Strange EconomicsMEMBER

      Perhaps he’s going to be the next Agent General for NSW in New York? (Another job that pays well and does not much)