Press release

9 Aug 2019

EY strengthens economic modelling capability with acquisition of Cadence Economics

CANBERRA, 9 AUGUST 2019, EY acquires a dedicated Canberra based team to boost economic advisory credentials.

Dedicated Canberra based team to boost EY's economic advisory credentials

EY has strengthened its economic modelling capability with the acquisition of the business and certain assets of specialist Canberra based firm, Cadence Economics.  The acquisition builds on the firm’s significant economic advisory credentials and assists EY to become a leader in economic advisory across Australia and New Zealand.  Last year, EY recruited prominent economist Jo Masters to the role of Chief Economist for Oceania, significantly lifting the firm’s public profile in this space.

Cadence Economics specialises in applied quantitative techniques including economic data analysis and forecasting, CGE modelling, specialist modelling, policy and regulation across a broad range of industry sectors.  Some of Cadence’s clients include the Master Builders Association, the Department of Environment and Energy, Universities Australia, and the Victorian, New South Wales, Queensland and ACT state governments.

Steve Brown will join EY as a partner, Bob Scealy will join as associate partner and George Michalas as a director. All three were founding partners of Cadence Economics, and were with Deloitte Access Economics prior to forming Cadence Economics.

EY Oceania Chief Economist, Jo Masters said:

“This is a very exciting acquisition for EY, enhancing our modelling capability and supplementing our existing strength in economic advisory. Being at the forefront of economic analysis, modelling and forecasting is crucial for our clients as they face rapid disruption and change, right across the economy. I am personally looking forward to working with the Cadence Economics team.”

David Larocca, EY Oceania Transactions Advisory Leader welcomed Steve, Bob and George to the EY Strategy and Transactions team.

“The team from Cadence will increase our capability in economic modelling – they have a unique scalable model that is transportable across borders. This will provide our clients with even better, more accurate information. We now have over 100 people in Transactions Services providing economic advisory services to clients.  The team being Canberra based also improves our service offering on the ground in Australia’s capital.  The Cadence team are a great fit for EY and a boost to our economic modelling credentials – enhancing our ability to provide greater economic insights for clients, particularly in the private sector.”

Bob Scealy said “Joining the economic advisory team in EY is a fantastic opportunity for everyone. We have had a great time in Cadence Economics, have developed some ground-breaking economic modelling toolsets, and have worked with many great clients on a wide range of issues. Moving over to EY allows us to continue to build our capabilities, to improve our offering to our clients, and to put our tools in the hands of a strong, multidisciplinary team.”

Notes to editors

About EY

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