KPMG Australia Cuts Almost 400 Jobs as Consulting Revenue Plunges 17 per Cent

KPMG Australia is eliminating 387 jobs across its consulting and business operations following steep declines in advisory demand and an ethics scandal. The reduction removes 360 employees and 27 partners, representing roughly 5 per cent of the firm’s national headcount.

Annual revenue at the partnership fell 1 per cent in the twelve months through June, dragged down by a 17 per cent drop in consulting income. The retrenchments reflect both broader corporate spending pullbacks and internal turmoil surrounding allegations that staff misused confidential client information to win commercial contracts.

Advisory Slowdown and Restructuring

The firm confirmed on August 24 that it reviewed workforce requirements against persistent economic weakness and the fallout from conduct and whistleblower investigations. Management plans to consolidate several operational units to align local practices with KPMG’s global advisory structure.

Demand for corporate advisory across Australia has cooled sharply over the past year as private enterprises and government departments curb discretionary spending. For major accounting partnerships, that pullback has exposed high overhead costs built during the post-pandemic consulting boom.

Tighter Oversight for Big Four Firms

Corporate clients across the region have tightened governance audits on external advisors following repeated conduct disclosures across the sector. Macquarie Group recently sought formal guarantees from KPMG that confidential banking data had not been compromised during tender processes.

Canberra is drafting legislation to expand statutory oversight across the consulting sector, introducing steeper fines and enhanced investigatory powers. Australian lawmakers will review the proposed regulatory framework in upcoming parliamentary sessions.