Australian Prudential Regulation Authority – Deputy Chair and Member – Appointment and Reappointment (No. 1) 2026
I, the Honourable Sam Mostyn AC, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, and under subsections 16(2) and 18(2) of the Australian Prudential Regulation Authority Act 1998:
(a) appoint Therese McCarthy Hockey as a Deputy Chair of the Australian Prudential Regulation Authority (APRA) for a period of five years commencing on the date of signature;
(b) reappoint Therese McCarthy Hockey as a member of APRA, on a full-time basis, for the period beginning on 31 October 2027 until 8 July 2031; and
(c) appoint David Bradbury as a Deputy Chair and member of APRA, on a full-time basis, for the period beginning on 1 September 2026 until 31 August 2031.
Dated 9 July 2026
Sam Mostyn AC
Governor-General
By Her Excellency’s Command
Dr Jim Chalmers
Treasurer
Overview
The Australian Prudential Regulation Authority – Deputy Chair and Member – Appointment and Reappointment (No. 1) 2026I, enacted in 2026, pertains to the appointment and reappointment of individuals to critical roles within the Australian Prudential Regulation Authority (APRA). This notifiable instrument was introduced to address the need for continuity and stability in APRA's leadership as it navigates the complexities of regulating financial institutions in Australia. The appointments and reappointments are made under the authority vested in the Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, and pursuant to specific provisions of the Australian Prudential Regulation Authority Act 1998. The policy objective is to ensure that APRA maintains a skilled and experienced leadership team to effectively oversee and regulate the prudential supervision of financial institutions, thereby safeguarding the financial stability of the nation.
Scope and Application
The Australian Prudential Regulation Authority – Deputy Chair and Member – Appointment and Reappointment (No. 1) 2026I Act pertains to the appointment and reappointment of individuals to specific roles within the Australian Prudential Regulation Authority (APRA). This Act applies directly to Therese McCarthy Hockey and David Bradbury, appointing Therese McCarthy Hockey as a Deputy Chair for a term of five years and reappointing her as a full-time member for a period from 31 October 2027 until 8 July 2031, while also appointing David Bradbury as a Deputy Chair and full-time member for a period from 1 September 2026 until 31 August 2031. The Act operates within the Commonwealth of Australia and is subject to the provisions of the Australian Prudential Regulation Authority Act 1998. The scope of the Act is confined to the named individuals and their specified roles within APRA, without indicating any exclusions, exemptions, or thresholds. The authority to extend or restrict the application of this Act through subordinate instruments is implicitly retained under the enabling Act, although no such instruments are specified in this particular legislation.
Key Provisions
The main operative sections of this legislation involve the appointment and reappointment of specific individuals to roles within the Australian Prudential Regulation Authority (APRA). Section (a) appoints Therese McCarthy Hockey as a Deputy Chair of APRA for a period of five years starting from the date of signature. Section (b) reappoints Therese McCarthy Hockey as a full-time member of APRA for the period from 31 October 2027 to 8 July 2031. Section (c) appoints David Bradbury as a Deputy Chair and member of APRA, on a full-time basis, for the period from 1 September 2026 to 31 August 2031. The appointments and reappointments are made by the Honourable Sam Mostyn AC, the Governor-General of the Commonwealth of Australia, in accordance with the Australian Prudential Regulation Authority Act 1998.
This legislation imposes specific obligations and requirements on the individuals appointed. Therese McCarthy Hockey and David Bradbury are expected to fulfill the roles and responsibilities associated with being a Deputy Chair and member of APRA. This includes participating in the regulatory and supervisory activities of the authority, contributing to decision-making processes, and ensuring compliance with the relevant legislative and regulatory frameworks governing financial institutions in Australia. The appointments also entail a commitment to maintaining the highest standards of integrity, expertise, and dedication to public service.
The legislation does not explicitly outline specific offences, penalties, or civil/criminal consequences for breach within its text. However, it is implied that any failure to fulfil the duties and responsibilities associated with these roles could result in consequences under the Australian Prudential Regulation Authority Act 1998 or other relevant legislation. This may include potential disciplinary actions, termination of appointment, or other legal repercussions. The maximum penalties for such breaches would be determined by the applicable laws and the nature of the breach.