Cherelle Murphy succeeds Jo Masters as Chief Economist of EY

Big Four firm EY has appointed Cherelle Murphy as its new Chief Economist for Oceania. She succeeds Jo Masters in a month’s time.

Cherelle Murphy crosses to EY after a year with Austrade, before which she spent a decade and a half with ANZ, rising to senior economist level following an earlier role with the bank as a senior manager for media relations in Melbourne.

Presently based in Canberra, Murphy also chairs the ACT committee of the Women in Economics Network, and kicked off her career at the Reserve Bank of Australia following a commerce degree with Curtin University.

“I’m thrilled to be joining EY, to build on the strength of their reputation and contribution to the economic debate in the market, backed by their incredible platform and expertise,” commented Murphy. “The challenges for business in the current environment are plentiful. This business cycle is an unusual one and I look forward to helping EY’s clients navigate it, while also identifying the opportunities that it presents.”

EY Oceania Deputy CEO Jenelle McMaster pointed to Murphy’s experience in banking and government, and a number of current economic challenges including low and falling unemployment, rising cost pressures, and higher interest rates. “The perspectives and insights of Cherelle, combined with deep experience across the business, stands us in good stead to address these challenges together.”

Murphy steps into the shoes of fellow former ANZ senior economist Jo Masters, who held the role for three years and is preparing to join Barclays-backed Australian financial services firm Barrenjoey, which launched in 2020.

EY is Australia’s third largest accounting and consulting firm, with revenues of around $2.3 billion. However, over the past five financial years, EY outpaced its Big Four rivals with 55% growth to close the gap with its peers.