Widely regarded as one of the best economic communicators in Australia.
Stephen Halmarick has 39 years’ experience as a bank and financial markets economist and is widely regarded as one of the best economic communicators in Australia.
He served as Chief Economist and Head of Global Economic & Markets Research at Commonwealth Bank of Australia from January 2018 to January 2025. Throughout his career, Stephen has been recognised for his skill in presenting economic and market insights to all levels of audiences in Australia and globally, including Boards, C-suite, large client events, 1-1 client meetings and retail customers.
Stephen pioneered the use of internally generated data at CommBank, leading to the development of the Household Spending Insights (HSI) research product and the Sustainable Economics research strategy. Under his leadership, the CommBank Economics team earned top rankings in multiple categories for many years, including in the 2024 Peter Lee Institutional and Corporate client surveys.
Stephen’s leadership and governance skills were also demonstrated through his roles as a member-elected director on the Commonwealth Bank Group Superannuation Board (2016-2024) and as Chair of the Australian Business Economists (2008-2017).
Stephen’s previous roles include Chief Economist for Colonial First State Global Asset Management (2009-2017), Co-Head of Economic & Market Analysis for Citi Australia/NZ (2021-2009), senior economic and financial market strategy roles at Salomon Smith Barney/Citibank, County NatWest/NatWest Markets (1994-2021), Nomura Research Institute (1993), SBC Dominquez Barry/DBSM (1989-1993), and Westpac (1986-1989).
Stephen resides in Sydney with his wife and their blended family of six adult children.
He enjoys travelling, snow skiing, water skiing, reading, politics, international affairs, and spending time with family and friends.
Talking Points
Global and Australian Macro-Economy
In a time of heightened global uncertainty and structural economic shifts, understanding the macro-economic landscape is critical for informed business strategy. In this keynote, Stephen Halmarick presents an independent and authoritative analysis of the global and Australian economies, covering growth forecasts, inflation dynamics, trade flows, geopolitical influences, and financial market trends. With clarity and precision, Stephen connects international developments with domestic implications, helping business leaders anticipate risks, identify opportunities, and make decisions grounded in economic reality. This session is essential for executives seeking context and confidence amid economic complexity.Global and Australian Macro-Economy
Key Takeaways:
- Independent insights into global and Australian economic conditions
- Clear interpretation of key data and trends impacting business and investment
- Understanding of global risks, including geopolitical and market volatility
- Economic outlook to support strategic planning and stakeholder engagement
Monetary Policy
Monetary policy decisions in Australia and the United States have far-reaching implications for business, investment and economic performance. In this keynote, Stephen Halmarick delivers an expert analysis of current policy settings by the Reserve Bank of Australia (RBA) and the US Federal Reserve, unpacking the rationale behind recent rate decisions and providing a forward-looking outlook for interest rates. Drawing on global economic indicators, inflation trends and central bank commentary, Stephen offers a practical and business-relevant interpretation of what monetary policy means for financial markets, capital costs and strategic planning.Monetary Policy
Key Takeaways:
- In-depth understanding of RBA and US Federal Reserve policy settings
- Insights into inflation trends, labour markets and global monetary conditions
- Forecasts for interest rate movements and their timing
- Implications for business borrowing, investment and consumer behaviour
Budget Analysis
Australia’s fiscal environment continues to play a defining role in shaping economic and business confidence. In this keynote, Stephen Halmarick provides a clear and comprehensive analysis of both the Australian Commonwealth and State Budgets, examining spending priorities, revenue forecasts, debt levels, and broader economic implications. With his deep experience in public finance and economic forecasting, Stephen offers audiences a balanced and practical perspective on how government decisions impact sectors, industries and investment sentiment. This session helps business leaders, policymakers and financial professionals navigate the implications of fiscal policy on planning, compliance and growth strategies.Budget Analysis
Key Takeaways:
- Expert breakdown of Commonwealth and State Budget measures and assumptions
- Insights into government debt levels and future borrowing trends
- Understanding the impact of fiscal policy on business, investment and markets
- Key signals for industry funding, taxation and infrastructure planning
Economic Context of Australian businesses
Understanding the broader economic environment is essential for strategic decision-making in every organisation. In this keynote, Stephen Halmarick, one of Australia's most respected economists, unpacks the key macroeconomic forces shaping the business landscape, including interest rates, inflation, global market pressures and fiscal policy. With a clear, data-driven approach, Stephen translates complex economic trends into practical insights for Australian business leaders, boards and decision-makers. This session equips audiences with a sharper understanding of where the economy is heading and what it means for business performance, investment planning and risk management in the year ahead.Economic Context of Australian businesses
Key Takeaways:
- Clear insights into current macroeconomic trends impacting Australian industries
- Practical understanding of interest rates, inflation, and fiscal policy shifts
- Strategic implications of global economic developments for local decision-making
- Tools to assess economic risk and opportunity in business planning
Panel Facilitation
Stephen Halmarick brings authority, clarity and composure to high-level panel discussions, drawing on his deep expertise in economics and financial markets. He is skilled at guiding dynamic conversations with senior leaders, ensuring panel objectives are met while keeping discussions accessible and outcomes-focused. Stephen effectively manages audience Q&A, drawing out meaningful insights and maintaining engagement throughout. Ideal for conferences, boardroom briefings or industry summits seeking informed, well-structured dialogue on complex economic issues.
Panel Facilitation
MC & Host
Stephen Halmarick is a confident and credible MC for conferences and business events, bringing a sharp understanding of industry context and audience priorities. With his background in economics and executive leadership, he sets a professional tone, ensures smooth transitions, and keeps the event aligned with its objectives. Stephen fosters collaboration between Speakers and delegates, adds informed commentary where appropriate, and maintains energy and focus across sessions. Ideal for programs requiring a knowledgeable host who can connect themes, ideas and people with authority and ease.
MC & Host
Video
Reserve Bank of Australia's May 2025 Rate Cut with Stephen Halmarick
I would have liked to see Stephen Halmarick present a little longer as his content was great and very clearly delivered. The Q & A session covered a lot of subject matter, and it may have be ... keep reading CommBank Economic Roadshow
Stephen started proceedings with the global backdrop of rising prices for energy and commodities (including agricultural), which, if not caused, have been exacerbated by the Russia-Ukraine conflict. He noted that Australia stood to benefit from these factors on a ‘net’ basis, especially in contrast to Europe. The audience enjoyed exploring Stephen’s views as Stephen drew together the threads of the discussion by concluding that if one considered the sanctions and not just the war, then the effects were likely to continue for some time as a semi-permanent structural shift higher. Stephen’s take was pragmatic. I believe he is the first prominent Australian economist this cycle who argues persuasively for fiscal policy to do its share of the heavy lifting to address inflation.
