KPMG Australia is cutting around 5% of its workforce—about 360 employees and 27 partners—and lowering partner pay by 13%. The job cuts mostly affect the Consulting and Business Services divisions.
The restructuring follows economic challenges, lower government spending on consultants, and an ethics scandal involving the misuse of confidential client data.
Revenue Drop and Scandal Fallout
Consulting sales fell by almost 17%, dropping total yearly revenue by 1% to $2.257 billion. KPMG expects growth to stay slow for at least two years.
The decision comes after audit partners were caught using private documents from real estate firm Lendlease to win contracts with other clients. The scandal led to the CEO's resignation and a temporary ban on bidding for government contracts.
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