NO.065

APPOINTMENT OF MEMBER OF THE AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY

The Treasurer today announced that the Governor General has appointed Mr John Trowbridge as a member of the Australian Prudential Regulation Authority (APRA) for a three-year term commencing 1July2006.

This full-time appointment is made under the authority of the Australian Prudential Regulation Authority Act 1998.

Mr Trowbridge will replace Mr Stephen Somogyi, whose three-year appointment as a member of APRA ends on 30 June 2006.

Mr Trowbridge brings considerable skill and relevant experience to this important position. The Treasurer said: “I am confident that Mr Trowbridge will make an extremely valuable contribution in his new role, and I am pleased that APRA’s executive group will continue to have a member that can bring considerable direct industry experience to its deliberations and operations.”

Mr Trowbridge has had a distinguished professional and business career in the financial sector. Most recently he has been a director of Munich Reinsurance in Australia and before that he was the Group Executive for General Insurance at Suncorp Metway. He founded Trowbridge Consulting in 1981 and guided it over 20 years to become a leading Australian actuarial and management consulting firm. Mr Trowbridge has also held a number of other board and advisory positions in organisations examining financial sector issues.

The Government appreciates the important contribution that the retiring member, Mr Somogyi, has made to the development and growth of APRA over the last three years. Mr Somogyi bought to APRA many years of experience in the insurance industry.

CANBERRA

22 June 2006

Contact: Renae Stoikos

02 6277 7340