Mr Byres, who has been the chairman of APRA since July 2014, has been reappointed to the role for another five-year term.
The Treasurer said in a statement that Mr Byres reappointment was to ensure stability during a time of reform in the financial system.
Mr Byres will be joined by John Lonsdale who was appointed as second deputy chair to support the authority as it develops a stronger focus on accountability and enforcement.
The Coalition government also announced that APRA would receive a $58.7 million funding boost to be provided over the next four years.
The new funding would enhance APRA’s supervision across regulated industries, enhance its ability to identify and address new and emerging risk areas and improve its data collection capabilities.
The funding would also provide for a review of APRA’s enforcement strategy and its use of formal power across the industries it supervises.
