Belinda Allen named CBA's new economics chief

The Commonwealth Bank of Australia (CBA) has appointed Belinda Allen (pictured) as head of Australian economics, where she will be responsible for developing forecasts on the Australian economy and Reserve Bank cash rate outlook, while leveraging CBA’s data assets for insights.

Allen, who joined the bank in 2017, previously worked as a senior economist within CBA’s global economic and markets research (GEMR) team and has more than a decade of experience as a financial markets economist.

“Belinda has established herself as a trusted and authoritative voice on the Australian economy over a long period of time. I’m delighted to announce her appointment as CBA’s head of Australian economics,” CBA chief economist Luke Yeaman said in a media release.

“Her deep expertise will be instrumental as we continue to lead the national conversation on key economic issues and leverage the Bank’s unique data capabilities to generate meaningful insights for customers.”

Allen said she was excited to take on the new role.

“It’s an honour to take on the role of head of Australian economics at CBA,” she said. “I’m excited to lead our talented team in delivering timely, actionable insights, informed by key economic indicators and the bank’s unique and comprehensive financial data set.”

Before joining CBA, Allen spent more than a decade at Colonial First State Global Asset Management (now First Sentier) as a senior analyst. She holds a bachelor of economics and a bachelor of applied finance from Macquarie University and is a CFA charterholder.

Broader leadership refresh at CBA

Allen’s appointment comes as part of a broader refresh of CBA’s GEMR structure, which now comprises four teams.

• Vivek Dhar has been named head of commodities and sustainable economics. He will lead forecasts for major commodities such as gas and electricity prices, while growing CBA’s sustainability research. Dhar has been CBA’s lead mining and energy commodities strategist since 2014 and is based in Singapore.
• Adam Donaldson has been appointed head of market strategy and rates research. Joining from CBA’s global markets team, Donaldson will develop strategic insights on Australian, New Zealand, and global markets, including funding markets, swaps, bonds, and yield curves.
• Joseph Capurso continues as head of international economics and foreign exchange, developing forecasts for global economies, central bank policies, and currencies, while expanding geoeconomic research.

The leadership changes follow CBA’s FY25 results, with statutory NPAT up 7% to $10.13 billion. CEO Matt Comyn highlighted the bank’s strong position, noting a 12.3% CET1 ratio and a $4.85 per share dividend, up 4% on FY24.

Focus on actionable insights for customers

CBA said the leadership changes reflect its aim to provide sharper insights to customers navigating complex economic conditions.

“The refresh of our GEMR team underscores our commitment to delivering sharp, actionable insights for our customers,” Yeaman said. “The creation of four dedicated teams reflects the need to help our customers navigate the increasingly complex and evolving economic landscape.”

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