Gary Banks has announced he will retire from his position as Chair of the Productivity Commission in December.


Treasurer Wayne Swan thanked Mr Banks for the many years of ‘dedicated public service and commitment’ to the Commission.


Mr Banks has led the Commission over the last 15 years, overseeing the merging of functions of the former Industry Commission, Bureau of Industry Economics and the Economic Planning Advisory Commission into one entity as its inaugural chair.


“Mr Banks has overseen a wide range of nationally-significant inquiries and been a guiding force behind many major microeconomic reforms in recent times; including the evaluation of the National Competition Policy reforms and recommending major changes to Australia's aged and disability care systems,” Mr Swan said in a statement.


Mr Banks is currently co-chairing a joint study with the New Zealand Productivity Commission, Strengthening economic relations between Australia and New Zealand.