Accounting firm KPMG says it will cut 27 partners and about 360 staff from its local arm, and revamp its structure as it grapples with lower revenue from lost contracts following the audit leaks scandal.
The company's revenue fell from $2.28 billion the previous year, to $2.26 billion in the 2026 financial year, and KPMG Australia chief executive John Sams expected more revenue falls.
KPMG has been unable to retain most of its ongoing government contracts after allegations KPMG audit partners misused client data and then mishandled a whistleblower's complaint about it.
In March, Labor senator Deborah O'Neill shared with parliament a whistleblower's allegations that confidential board papers from Lendlease were used to support bids for major audit tenders for Westpac and Dexus.
And earlier this month, the firm's current and former partners were hauled before a federal inquiry probing why the firm allegedly shared client information and ignored the whistleblower's allegations when they first surfaced.
The job cuts at KPMG's Australian arm were widely expected as the firm reportedly sought financial support from KPMG International to remain solvent.
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