The Australian Prudential Regulation Authority (APRA) said a search is underway after APRA deputy chair Margaret Cole advised the Treasurer of her intention to step down at the end of her current term on 30 June 2026. APRA chair John Lonsdale said Cole has made an outstanding contribution to APRA since she joined in 2021. "APRA has benefitted from successive appointments to the board with deep knowledge of the financial system. This expertise has been invaluable to APRA, and I thank Margaret for her leadership, support and the contribution she has made," Lonsdale said. Lonsdale commended Cole for her role in overseeing the implementation of the Your Future, Your Super reforms which commenced on her first day at APRA.