KPMG Australia will cut around 360 employees and 27 partners as the accounting giant grapples with the fallout from a confidential-information scandal and a tougher business outlook.
Reuters reported that the majority of the job cuts will fall across its consulting and business services divisions, with the firm also moving to simplify its structure and create more integrated teams.
KPMG Australia CEO John Sams acknowledged the firm was dealing with “challenges created by our own failings” as it works to rebuild trust following allegations that staff misused confidential client information to win audit contracts.
The scandal, which emerged in March, has triggered a major leadership shake-up, including the departures of its former CEO, audit chief, chairman and several senior audit partners. Sams took over as chief executive last month.
The restructuring comes as KPMG warns economic growth is likely to remain subdued until at least 2028, weighing on client spending and prolonging investment decisions.
For the year ended June 2026, KPMG Australia’s revenue slipped 1% to A$2.257 billion (US$1.62 billion), with consulting revenue plunging 17% following the loss of government contracts.
Other divisions, however, recorded growth, including an 11% rise in both tax and legal, and audit and assurance revenue.
KPMG has also agreed not to bid for new Australian federal government work until Sept 30 while reviews into its governance, culture, ethics and integrity continue.
