started · updated
KPMG Australia to cut 5% of workforce amid audit scandal
KPMG Australia has announced plans to cut approximately 5 percent of its workforce, involving 27 partners and roughly 360 employees. The restructuring primarily targets the consulting and business services divisions in response to weakening market conditions, reduced government spending on consultants, and the ongoing fallout from a major scandal involving the misuse of confidential client data.
The firm is currently embroiled in a controversy following whistleblower allegations that senior partners used confidential information from clients, including Lendlease, to secure audit contracts with other major corporations. This misconduct has led to a suspension from bidding on Australian federal government contracts until at least the end of September and has prompted several high-level leadership departures.
Financially, KPMG Australia reported a 1 percent decline in total revenue for fiscal 2026, reaching approximately A$2.26 billion. While audit and assurance revenue grew by 11 percent, the consulting division saw a significant 16.9 percent slump. Additionally, average equity partner remuneration fell by 13 percent. CEO John Sams warned that difficult economic conditions and the impact of the firm’s conduct are likely to persist into fiscal 2027 and beyond.
Entities
Deborah O'Neill · Deborah O’Neill · Dexus · John Sams · KPMG · KPMG Australia · KPMG International · Lendlease · Optus · Westpac
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 14 SOURCES] Average equity partner remuneration fell by 13 percent compared to the previous year. www.perthnow.com.au · theqldr.com.au · www.eeo.com.cn · www.businesstimes.com.sg · arynews.tv · +9 more
- [● 10 SOURCES] Revenue for the audit and assurance arm rose 11 percent. www.perthnow.com.au · thenightly.com.au · theqldr.com.au · bitcoinethereumnews.com · www.businesstimes.com.sg · +5 more
- [● 9 SOURCES] Revenue for the consulting business decreased by 16.9 percent. www.perthnow.com.au · thenightly.com.au · theqldr.com.au · bitcoinethereumnews.com · www.insurancejournal.com · +4 more
- [● 19 SOURCES] KPMG will cut 5 percent of its Australian workforce, including 27 partners and approximately 360 employees. www.europesays.com · www.perthnow.com.au · thenightly.com.au · theqldr.com.au · doanhnghiephoinhap.vn · +14 more
- [● 13 SOURCES] KPMG CEO John Sams expects difficult market conditions to persist into fiscal year 2027 and beyond. www.europesays.com · www.perthnow.com.au · thenightly.com.au · theqldr.com.au · doanhnghiephoinhap.vn · +8 more
- [● 4 SOURCES] The firm is banned from applying for Australian federal government contracts until at least the end of September. www.perthnow.com.au · thenightly.com.au · theqldr.com.au · bitcoinethereumnews.com
- [● 12 SOURCES] KPMG is facing allegations that audit partners misused client data and mishandled a whistleblower's complaint. www.europesays.com · bitcoinethereumnews.com · www.businesstimes.com.sg · arynews.tv · www.businessinsider.com · +7 more
- [● 12 SOURCES] KPMG's annual revenue fell 1 percent to $2.5 billion in fiscal 2026. www.perthnow.com.au · thenightly.com.au · theqldr.com.au · doanhnghiephoinhap.vn · www.europesays.com · +7 more