Banking regulator Wayne Byres admits he "definitely underestimated" how much the public debate over banks would come to be dominated by the, as he underlined the growing expectations being heaped on the watchdog.
A key area where APRA's role has expanded sharply is in relation to cultural problems that have plagued the industry, and which were highlighted by the Hayne royal commission, and where APRA is now setting detailed rules on issues such as banker pay.Mr Byres admitted he had underestimated how big a role culture would eventually play in public debate, even though he had called for the industry to focus more on governance and culture five years ago.
Mr Byres' overarching message was that APRA would likely be pushed further into new areas in years to come.