Glen Stevens will continue to serve as Governor of the Reserve Bank for another three years after the Federal Government confirmed a range of senior finance appointments.

Treasurer Wayne Swan also announced that his Government had also recommended that Wayne Byres be appointed as Chair of the Australian Prudential Regulation Authority (APRA), once long term Chair John Laker steps down next year.

“I congratulate Governor Stevens on his reappointment, which acknowledges his enormous contribution to Australia's economic resilience through his conduct of monetary policy, as well as his enduring focus on financial stability working together with our other key regulators,” Mr Swan said in a statement.

Mr Byres is currently serving as Secretary General to the Basel Committee on Banking Supervision, being the first Australian to ever be appointed to the role.

Mr Swan also announced the appointment of Kathryn Fagg to the Reserve Bank Board for a five year term, starting from May after long-serving Board member Jillian Broadbent steps down after 15 years of service.