APRA has welcomed the Treasurer’s appointment of Therese McCarthy Hockey and David Bradbury as joint deputy chairs, with the regulator saying the new leadership team will strengthen oversight of Australia’s banking, insurance and superannuation sectors.
Current APRA member McCarthy Hockey will take up the role on 9 July, while Bradbury will commence on 1 September, with both appointed for five-year terms.
McCarthy Hockey has spent eight years at APRA and joined the regulator’s board in October 2022. She has more than 20 years’ experience in domestic and international financial markets through senior leadership roles in the private sector and currently oversees banking supervision, strategy, risk and compliance.
Bradbury brings more than 25 years’ experience across economic policy, regulation and public administration.
He is currently chair of the Board of Taxation, previously held senior leadership positions at the Organisation for Economic Cooperation and Development (OECD) for more than a decade, was a partner in the consulting division of KPMG Australia, and served as parliamentary secretary to the Treasurer and assistant treasurer between 2010 and 2013.
APRA chair John Lonsdale said the appointments would ensure the regulator’s board had the right mix of public and private sector expertise to oversee its work maintaining the safety and resilience of Australia’s financial system.
The leadership changes will also reshape oversight responsibilities across APRA’s regulated industries.
McCarthy Hockey will continue leading banking supervision, APRA member Suzanne Smith will retain responsibility for general, life and private health insurance, while Bradbury will assume responsibility for the super industry when he joins the regulator.
Until then, Lonsdale will oversee the superannuation portfolio.
Lonsdale said the appointments would strengthen APRA’s ability to respond to an increasingly complex risk environment.
“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.
“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.”
