Treasurer confirms five-year appointments to the regulator's board
The Australian Prudential Regulation Authority (APRA) has confirmed the appointment of two new deputy chairs, following an announcement by the treasurer.
APRA chair John Lonsdale congratulated Therese McCarthy Hockey (pictured top left), a current APRA member, and David Bradbury (pictured top right) on their appointments as joint deputy chairs. Both will serve five-year terms.
Lonsdale said the pair would strengthen the APRA board with a broad combination of skills and public and private sector expertise, supporting the authority's role in safeguarding the stability of Australia's financial system.
McCarthy Hockey has served at APRA for eight years, joining the board in October 2022. She brings more than two decades of experience in domestic and international financial markets, gained through senior private sector leadership roles as well as her current APRA responsibilities covering banking supervision, strategy, risk and compliance.
Bradbury brings over 25 years of experience spanning economic policy, regulation and public administration. He currently chairs the Board of Taxation and previously held senior positions at the Organisation for Economic Cooperation and Development for more than ten years. He was also a partner in KPMG Australia's consulting division and served as Parliamentary Secretary to the Treasurer and Assistant Treasurer from 2010 to 2013.
McCarthy Hockey's appointment takes effect on 9 July, with Bradbury commencing on 1 September. Until Bradbury joins APRA, Lonsdale (pictured right) will retain oversight of the superannuation sector.
Once both deputy chairs are in place, industry oversight among members will be divided as follows: McCarthy Hockey will continue overseeing banking; current member Suzanne Smith will remain responsible for general, life and private health insurance; and Bradbury will take on oversight of superannuation.
Lonsdale believes the Treasurer's appointments give APRA a capable board equipped to protect Australian depositors, insurance policyholders and superannuation members.
"Australia has a stable and resilient financial system which underpins the effective functioning of the economy, but the challenges in front of us are significant," he said.
"We face a volatile external environment with risks arising across geopolitical, technological, operational and financial channels. Successfully managing these challenges will deliver better outcomes to the Australian people.
"I look forward to working with Therese, David and Suzanne to ensure APRA continues to perform its responsibilities effectively and efficiently, for the benefit of the Australian community."
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