Stephen Halmarick

Stephen Halmarick is the Senior Australian Analyst for The Observatory Group and an Independent Member of the UniSuper Investment Committee

Stephen has over 40 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.

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. 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).

In May 2025 Stephen established his own economics consulting business, Economics Unchained, providing economic presentations, consulting, advisory and research services.  In July 2025 Stephen was appointed as an Independent Member (non-Director) of the UniSuper Investment Committee.  In February 2026 Stephen was appointed Senior Australian Analyst for The Observatory Group, a Washington DC-based independent economic and geopolitical consulting group.

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 (2000-2009), senior economic and financial market strategy roles at Salomon Smith Barney/Citibank, County NatWest/NatWest Markets (1994-2000), Nomura Research Institute (1993), SBC Dominquez Barry/DBSM (1989-1993), and Westpac (1986-1989).

Stephen holds a Bachelor of Economics from Macquarie University, a graduate diploma from the Securities Institute of Australia (SIA) and is a Graduate of the Australian Institute of Company Directors (AICD). He is a Life Member of the ABE. Stephen lives in Sydney with his wife – and their ‘blended’ family of six children.