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Canberra, Australia
Cherelle is EY Oceania Chief Economist.
Cherelle helps clients to understand and interpret the economic backdrop. She uses her commercial acumen, public sector experience and analytical skills to see through the noise and help identify risks and opportunities that the changing phases of the business cycle bring.
Prior to EY, Cherelle was Chief Economist at Austrade, helping guide Australian Government policy in trade, foreign investment and tourism. Cherelle also spent 15 years at ANZ Bank, having started her career as an economic research analyst at the Reserve Bank of Australia. She also worked as a journalist for the Australian Financial Review.
Cherelle holds a Bachelor of Commerce (Hons) from Curtin University and a Master of Population Studies from Australian National University. She is a graduate of the Australian Institute of Company Directors, and a member of Chief Executive Women.
How Cherelle is building a better working world
“My job is to filter and analyse the economic and markets data, pay attention to new sources of information and overlay it with EY’s observations about where we are in the business cycle, to give our clients timely insights that they otherwise wouldn't be able to access in their busy working days.”
Cherelle’s latest thinking
EY Australian Financial Conditions Index: March 2025
The EY Australian Financial Conditions Index remained expansionary, with conditions easing marginally in the March quarter of 2025.
23 Apr 2025
Cherelle Murphy
Cost-of-living relief at the expense of fiscal repair
25 Mar 2025
Cherelle Murphy
Federal Budget 2025-26 Preview
Fiscal discipline and pro-productivity reforms needed
24 Mar 2025
Cherelle Murphy
Australian National Accounts December 2024
The Australian economy breathed a little easier towards the end of 2025, with slightly happier households, strong government spending and a pick-up in exports. With Gross Domestic Product (GDP) rising to 1.3 per cent in year ended terms – from the woeful 0.8 per cent in the September quarter – there is reason for a little more optimism.
05 Mar 2025
Cherelle Murphy
National Press Club of Australia Women in Economics Network Address
On Wednesday 5 March 2025, EY Regional Chief Economist, Oceania, Cherelle Murphy addressed the National Press Club of Australia for the Women in Economics Network Pre Budget Address.
05 Mar 2025
Cherelle Murphy
EY Australian Financial Conditions Index: December 2024
The EY Australian Financial Conditions Index entered expansionary territory for the first time since March 2022, with conditions easing sharply in the December quarter of 2024.
24 Jan 2025
Cherelle Murphy
Mid-Year Economic and Fiscal Outlook highlights the need for a fiscal circuit breaker
Mid-Year Economic and Fiscal Outlook
18 Dec 2024
Cherelle Murphy
Australian National Accounts September 2024
Australian National Accounts September 2024
04 Dec 2024
Cherelle Murphy
The return of consumer confidence in Australia: Are we there yet?
Latest EY Future Consumer Index data shows a ray of light between the dark clouds of Australian consumer attitudes.
31 Oct 2024
Marc L’Huillier
EY Australian Financial Conditions Index: September 2024
The EY Australian Financial Conditions Index remained restrictive, though conditions continued to ease in the September quarter of 2024.
18 Oct 2024
Cherelle Murphy
Consumers are fragile, handle with care
The Reserve Bank’s latest financial stability review suggests businesses are holding up pretty well. But appearances can be deceiving.
11 Oct 2024
Cherelle Murphy
Why fiscal sustainability remains key to Australia's macroeconomic stability
Legacies of high debts and deficits as a result of the fiscal measures adopted during the pandemic are making it hard for governments, globally, to embark on fiscal consolidation.
24 Sept 2024
Cherelle Murphy
The strength of the public sector became very evident in the June quarter as the private sector slumped.
04 Sept 2024
Cherelle Murphy
EY Australian Financial Conditions Index: June 2024
The EY Australian Financial Conditions Index remained restrictive, though conditions continued to ease in the June quarter of 2024.
26 Aug 2024
Cherelle Murphy
Government Insights Podcast: Governing in a Changing World
Listen to our Government Insights podcast series as we explore how government executives rethink their strategies for economic resilience.
16 July 2024
EY Australian Financial Conditions Index: March 2024
The EY Australian Financial Conditions Index eased in the March quarter of 2024; however, conditions remain restrictive.
21 June 2024
Cherelle Murphy
The consequence of higher rates is slower growth, and we saw a continuation of this in the March quarter National Accounts today.
05 June 2024
Cherelle Murphy
Federal Budget 2024-25: Discipline discarded as business left searching for reform and restraint
Without structural repair and policy reform, the Budget does little to push forward productivity growth.
14 May 2024
Cherelle Murphy
Federal Budget 2024-25 Preview
Disciplined fiscal policy, which works co-operatively with monetary policy and promotes productivity reform, will ensure we can grow our economy’s capacity, stabilise our debt and create a more positive future for generations of Australians.
12 May 2024
Cherelle Murphy
Quarterly states and territories chart pack: Spotlight on state housing markets
March quarter states and territories chart pack: April 2024
15 Apr 2024
Cherelle Murphy