Westpac chief economist off to the Treasury

Westpac's most senior economist is swapping the big four bank for the Treasury.

Dominick Stephens, Westpac's chief economist, is taking up a ten-month secondment as the New Zealand Treasury's deputy secretary, chief economic advisor. 

His last day at the bank is March 12.

Stephens will take on the chief economic advisor's responsibilities "for ensuring that Treasury's policy advice on lifting New Zealand living standards is supported and strengthened by sound economic theory and evidence".

He started out at the Reserve Bank before joining Westpac in 2006. He became chief economist in 2011, and has been a member of the bank's sustainability steering committee.

Westpac's GM for institutional and business banking, Simon Power, said: “This is a great opportunity for Dominick to gain experience at the heart of government policymaking... We look forward to him returning to his role as Westpac NZ chief economist in late January next year.”

Michael Gordon becomes acting chief economist in Stephens' absence.

“Michael brings an outstanding knowledge of the New Zealand economy and financial markets," said Power.


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