What we will no longer be doing is face-to-face bank supervision. We will not be dealing with individual banks when they need help with licensing, interpretation of rules, statistical returns, etc. That will all be done by APRA.
Inspections will also be the responsibility of APRA, but in the interests of information sharing, the Reserve Bank will be entitled to participate from time to time if it so desires. I do not imagine this would happen very often. Overall, it is APRA which will be setting and enforcing the rules designed to minimise the chances that financial institutions will fail.