Office address: 12/1 Martin Pl, Sydney NSW 2000
Website: apra.gov.au
Year established: 1998
Company type: government agency
Employees: 870+
Expertise: superannuation, general insurance, statistics, life insurance, banking, private health insurance, risk management, policy development, data analytics
Parent company: The Australian Government
Key people: John Lonsdale (chair); Carmen Beverley-Smith, Sean Carmody, Clare Gibney, Chris Gower, Jane Magill and Bruce Young (executive directors)
Financing status: N/A
The Australian Prudential Regulation Authority (APRA) is an independent body that supervises banks, insurers and superannuation funds. It helps keep the financial system stable by overseeing credit unions, building societies and most superannuation providers, while reporting directly to Parliament through the Treasurer.
Before APRA, the Insurance and Superannuation Commission was created in 1987 to bring together several government offices for insurance and superannuation oversight. The 1996 Wallis Inquiry then recommended a new regulatory structure to boost stability, efficiency and fairness in the financial system.
The Australian Prudential Regulation Authority was established in 1998 as an independent authority to oversee Australia’s banks, insurers and superannuation funds. It began by supervising $1.1 trillion in assets, a figure that has grown to $8.6 trillion across 1,790 institutions.
In 2008, the global financial crisis led the institution to introduce stricter capital rules and stronger board oversight for regulated institutions. Then it took over supervision of private health insurance in 2015, further expanding its reach.
The Restricted Authorised Deposit-taking Institution (RADI) licence was launched in 2018 to help new banks enter the market and increase competition. APRA set strict information security standards in 2019 and the agency kept the mortgage serviceability buffer at 3% to help manage lending risks in 2025.
The Australian Prudential Regulation Authority delivers a range of regulatory, supervisory and reporting services to support Australia’s financial system and protect consumers. Its main offerings include:
The Australian Prudential Regulation Authority’s services focus on building a strong and stable financial sector while adapting to new risks and supporting fair competition. The authority continues to invest in technology, data and skills to keep pace with industry changes and challenges.
Australian Prudential Regulation Authority values an open and agile workplace that welcomes people from all backgrounds and supports ongoing learning and growth. The organisation invests in staff development and aims to create a strong sense of belonging for everyone, offering benefits such as:
APRA’s Inclusion and Diversity Council tracks progress and drives awareness through events and active networks like CALD and AccessAbility. The organisation values diversity of thought, supporting groups such as LGBTQIA+, GenX+ and more. It is a member of Pride in Diversity and holds Bronze Employer status in the Australian Workplace Equality Index.
John Lonsdale became the Australian Prudential Regulation Authority’s chair in 2022 and leads work on banking, culture and crisis planning. Before this, he was deputy chair from 2018 and spent over 30 years at the Australian Treasury. Supporting him is the leadership team listed below:
This structure makes sure that APRA’s Executive Group handles strategic direction and governance, while executive directors manage daily operations and specialised areas.
To boost competition among large, medium and small banks in Australia, APRA introduced a three-tiered regulatory model in 2025. These changes simplify processes, clarify capital requirements and make bank licensing more transparent and efficient. By adjusting rules, the agency helps smaller banks compete and offer more choices to clients.
As industry professionals look to a new era of mortgage market competition, the Australian Prudential Regulation Authority may adopt a lighter-touch regulatory approach for very small banks under proposed reforms. This move aims to ease compliance for smaller lenders and encourage greater choice for borrowers. APRA’s direction could lead to more flexible rules and increased competition in the sector.
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