The head of Australia's corporate watchdog is set to step down and won't seek a reappointment in the role.

Australian Securities and Investment Commission chair Joe Longo said he will not seek a second term in the position once his tenure ends in May 2026.

Mr Longo was appointed to head up ASIC in 2021 by the former coalition government.

"It has been an immense privilege top serve as chair of ASIC and to have been given the opportunity to rebuild and renew the agency," the outgoing chair said.

"When I accepted the position, I was clear ASIC needed to become a modern, confident and ambitious regulator.

"I see that transformation is delivering dividends."

Treasurer Jim Chalmers said Mr Longo had made a large contribution to the regulator during his time in the role.

"Since his appoint

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