MNI BRIEF: Aussie Prudential Regulator Appoints New Chair

John Lonsdale has been elevated to chair of the Australian Prudential Regulation Authority, triggering a reshuffle of supervisory responsibilities, according to an APRA release on Friday.

Lonsdale, who has been deputy chair since 2018, will assume the role on Oct 31. Margaret Cole, who is an APRA member, will become deputy chair and oversee activities in the superannuation industry. Suzanne Smith and Therese McCarthy Hockey, both APRA executive directors, will be appointed as new APRA members and will be responsible for activities in life insurance and private health insurance, and banking, respectively. Current deputy chair Helen Rowell will be responsible for general insurance.

With the RBA's tightening cycle well underway and further hikes likely in coming months, the real estate market -- both domestic and residential -- will come under pressure, bringing APRA's regulatory supervision in the sector to the fore if financial stability is tested.