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KPMG Australia is reportedly preparing to cut hundreds of jobs Down Under and reduce partner pay as it continues to deal with the fallout from a high-profile audit leak scandal that has rocked the consulting giant.
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The proposed restructuring could ultimately affect more than 1000 roles, although the final number of redundancies has not been determined. Partner remuneration is also expected to be reduced by 20% as the firm looks to lower costs.
The cost-cutting measures come as KPMG faces pressure following allegations that confidential client information was improperly used to help secure consulting work. The controversy has already triggered significant changes, including the departures of the firm’s chairman, chief executive and head of audit.
KPMG is also facing increased regulatory scrutiny. Australia’s corporate regulator launched an investigation into the firm earlier this year and has since broadened its review to include audit practices across the Big Four accounting firms.
In a statement, KPMG said it is reviewing its operating model and cost structure but stressed that no final decisions have been made regarding specific workforce reductions or partner pay changes. The Australian firm employs around 10,000 people Down Under, including more than 600 partners.
The reported cuts reflect broader pressure across the services sector, where consulting demand has softened following several years of growth; firms also contend with increased regulatory oversight and reputational challenges.
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