How a lost parcel determined this chief economist’s career

As Group Chief Economist at Westpac Bank, Dr Luci Ellis is one of the country’s most influential economic leaders. And while her work relies on precision, analysis and deliberate decisions, chance played a big part in shaping her career. 

“It was a very serendipitous situation that an event on the other side of the world ended up completely determining my career path for the next 30 years,” Dr Ellis told Helen McCabe as part of the FW Leadership Series podcast. 

In this wide-ranging interview, Dr Ellis reflected on this pivotal moment and shared how she, as a technical specialist, carved out her own style of leadership. Here are three of our favourite takeaways. 

A stamp shop and the fall of the Berlin Wall

As a young uni student in Melbourne, a bizarre chain of events springing from the fall of the Berlin Wall saw Dr Ellis lose her job at an inner-city stamp and coin shop. 

When a key shipment from East Germany failed to arrive, the boss was forced to lay her off. Needing money, she made a last-minute decision to apply for a cadetship at the Reserve Bank of Australia. 

“[If that shipment had arrived from East Germany] It wouldn’t have occurred to me to apply to the Reserve Bank,” Dr Ellis said. 

“I think the lesson for me in that [experience] was that big events can have unexpected and lasting consequences. It certainly did influence how I’ve thought about economics ever since.”

‘A leadership challenge’

When asked about her leadership shortcomings, Dr Ellis was clear. She is too conflict avoidant. 

“Part of the reason I know that I’m conflict-averse is because I have an example from Defence,” she explained. 

Dr Ellis’ wife is in the navy and has had leadership lessons instilled in her. At one point, soon after she was made a petty officer – roughly equivalent to a sergeant in the army – she received a certificate that put her responsibilities into sharp focus. 

“[It essentially said] you are now of a sufficient seniority that you can give someone an order that could lead to their death – and you need to be alert to that,” Dr Ellis recalled. 

“Now that’s just a leadership challenge.”

A silver medallist

Despite her astounding career, Dr Ellis still jokingly calls herself a “silver medallist”. 

“I did not get a promotion first go – ever,” she explained. 

“I was not seen as the golden-haired child. I was the silver medalist who kind of got there in the end. 

“I was not seen as one of the rising stars in my junior career. I went to ANU [The Australian National University] because I didn’t get the scholarship to go to the London School of Economics. I did the PhD off my own back as career insurance.”

She put her success down to not being complacent and working hard at mastering her discipline. 

“I think I’m as surprised as anyone that I ended up as the chief economist [at the Reserve Bank] and stayed there for 30 years. That certainly wouldn’t have been what I would have predicted in the early stage of my career.”