The chair of the Australian Prudential Regulation Authority will step down at the end of October, marking more than eight years in the role.
Wayne Byres has advised the governor-general of his intention and the government will begin a process to appoint the next chair of the independent banking and financial services watchdog.
Treasurer Jim Chalmers thanked Mr Byres for his contribution and service on Tuesday.
"Throughout a long and distinguished career, Mr Byres has made a significant contribution to the Australian financial system and the global framework for prudential regulation," he said in a statement.
"His leadership and expertise has positioned the Commonwealth to respond well to some of the greatest challenges in Australia's history - most recently in ensuring the stability of the financial system during the COVID-19 pandemic.
"He'll be greatly missed but I wish him well."
Mr Byres has been part of the regulatory authority since its creation in 1998 and has held a number of senior positions across various divisions.
He also contributed to the Council of Financial Regulators and the Payments System Board of the Reserve Bank.
