KPMG Australia to cut 5% of workforce as consulting revenue plunges 17%

Published Aug 26, 07:20 PM UTC

KPMG Australia announced it will lay off 360 employees and 27 partners, approximately 5% of its workforce, as the firm reported a 1% decline in total revenue to 2.257 billion Australian dollars for fiscal year 2026. Consulting revenue fell nearly 17% year-over-year, while tax, legal, and audit divisions saw double-digit growth. CEO John Sams acknowledged 'difficult market conditions' and 'challenges created by our own failings,' including allegations of client data leaks. The job cuts will primarily affect the consulting division. Sams has been unusually candid in addressing the firm's troubles before a parliamentary committee, where he admitted to 'major failings' and 'indefensible' actions. Some Australian lawmakers have called for breaking up the Big Four or subjecting them to corporate regulator oversight. KPMG plans internal and external reviews to rebuild trust.