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After a long-fought battle with cancer, Bill Evans, a leading economist whose distinguished career spanned over four decades across central banking, financial markets, investment banking, and industry commentary, passed away today (28 July), on his 76th birthday.
Evans leaves behind an enduring legacy across the nation's financial landscape.
A graduate of Sydney University (BEc. Hons I and University Medal) and the London School of Economics (M. Sc.), Evans became a pivotal figure in national economic discussions, championing clear analysis on interest rates, monetary policy, household debt, housing markets, and productivity to help the nation navigate major global economic shifts.
As one of the leading economic commentators in the country, Evans was also deeply committed to translating complex macroeconomic trends for everyday Australians, business leaders, and policymakers.
Over the course of his broad career, Evans held senior economic, research, and treasury roles at prominent institutions, including the Reserve Bank of Australia (where he was a research manager), the Commonwealth Bank of Australia (where he was Treasurer), and Schroders Australia Limited, where he served as Director and Head of Financial Markets for eight years.
However, he spent the vast majority of his career at Westpac Group, which he joined in 1991, as the chief economist and head of research.
Over his time with the major bank, he also spent two years in New Zealand as Head of the Institutional Bank and eventually served as managing director: economics, acting as the bank’s chief economic spokesperson and board advisor.
While Evans served as Westpac’s group chief economist for 30 years, in 2023 he handed over the postion to the former assistant governor (economics) at the Reserve Bank of Australia (RBA), Luci Ellis. He then stepped into a new role as senior economic advisor at Westpac.
Alongside his banking career, Evans was a vital collaborator with academic and industry bodies. He played a critical role in establishing the Westpac-Melbourne Institute survey of Consumer Attitudes, Sentiments and Expectations (CASiE) and served on the Melbourne Institute Advisory Board.
For over two decades, he was also a mainstay at the Housing Industry Association’s (HIA) national forecasting events, delivering keynotes to thousands of builders nationwide.
A life member of Australian Business Economists, he was also selected as a delegate at the 2008 Rudd Government 2020 Summit.
'A once-in-a-generation talent'
Paying tribute to his legacy, Westpac Chief Executive Officer Anthony Miller acknowledged Evans as one of the country's most influential economic voices:
“Bill was a once-in-a-generation talent and one of Australia's most respected and influential economists,” he said.
“He knew everything about the economy, but he would always explain things in a way that everyone could understand. That's a rare gift.
“After every conversation with Bill, you would walk away feeling smarter.
“We are deeply saddened by his passing and our thoughts are with his family, friends and loved ones.”
Curt Zuber, Westpac’s former long-time treasurer, described Evans as a “giant in the finance and banking world”.
“A remarkable economist who can relate to the titans of business…while relating to the battler in the bush over a cold beer or red wine,” he said.
The Melbourne Institute of Applied Economic and Social Research also paid tribute to their decades-long partnership with their long-serving economist partner, remembering him as a "valuable and respected collaborator" who possessed a unique knack for making sense of complex data for the public.
“Bill played a critical role in establishing CASiE, the Consumer Attitudes, Sentiments and Expectations in Australia Survey,” the Institute noted.
“He had the foresight to see how households’ opinions had real effects on spending and how they could also influence the direction of policy.
“He made sense of economic data and was able to communicate to the public in a compelling and insightful way. Such was his esteem that he became known as the ‘man who moved markets’ and for his willingness to make bold forecasting calls. Our condolences go to the family for the loss of an impressive man.”
The HIA also said it was "deeply saddened" by his passing, stating: "Bill’s ability to educate, while also engaging and entertaining an audience, made him unique. Audiences valued his depth of knowledge, his intellectual curiosity and, above all, his judgement.
"Bill earned the industry's trust through the clarity of his thinking, the consistency of his analysis and his willingness to explain the reasoning behind his views.
"Bill brought history and lived experience to life, whether drawing on previous interest rate cycles in Australia or lessons from economies around the world, he provided the context that allowed our industry to understand the challenges before them.
"His contribution to Australia's residential building industry extends well beyond the many presentations he delivered. He gave builders greater confidence to navigate periods of uncertainty and helped them make better informed decisions through some of the most significant economic challenges of the past quarter of a century.
"On behalf of HIA and the broader residential building industry, we extend our sincere condolences to Bill's family, friends and Westpac colleagues. He will be greatly missed, and his contribution to our industry will be remembered with enormous respect and gratitude."
Bill Evans is survived by his wife, Evelyn and his son Robert, his grandchildren and his sister, Helen.
A private service will be held by his family.
[Related: RBA assistant governor appointed to Westpac]
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Annie Kane
Author
Annie Kane is the managing editor of Momentum's mortgages titles: The Adviser and Mortgage Business.
As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts.
Annie has a degree in English Literature and Music from the University of Sheffield and is a Mental Health First Aider (MHFAider®).
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