KPMG Australia to cut hundreds of jobs amid audit leaks scandal

SYDNEY – The Australian branch of KPMG announced job cuts of approximately 5 percent, affecting 360 employees and 27 partners, following a revenue decline of 0.9 percent year-on-year to AUD 2.26 billion ($1.6 billion) in its 2025-26 financial year. Revenue growth was observed in four of its five divisions, but consulting revenue dropped by 16.9 percent due to the firm being barred from new government contracts over misuse of confidential client information. CEO John Sams noted that difficult market conditions are expected to persist into FY27 and beyond, with subdued economic growth anticipated until at least 2028, impacting client investment decisions. Senator Deborah O'Neill highlighted whistleblower allegations in parliament, revealing that KPMG partners had used confidential client data to secure lucrative audit contracts. An internal investigation was deemed insufficient, and further whistleblowers reported misconduct. KPMG acknowledged awareness of the allegations since 2024.