PwC Australia's revenue dropped by over $820 million, or 26%, to $2.35 billion in the 2024 financial year. This decline, driven by the high-profile tax leaks scandal and a weaker consulting market, marked the firm's worst slump on record.
PwC fell to third place in revenue behind Deloitte and EY. Despite a 24% drop in profit, average partner income only fell by 13%. To reduce costs, PwC cut hundreds of staff and partners, resulting in a 32% turnover rate. "During a challenging year for the firm, we implemented ambitious and meaningful actions which are changing our firm for the better," CEO Kevin Burrowes said.
The tax leaks scandal involved partners using confidential government information to advise clients on tax avoidance strategies. In the wake of this scandal and the ensuing scrutiny, PwC Australia sold its public sector business and restructured into three divisions— advisory, assurance, and tax and legal. Burrowes was also brought in from PwC Global to help clean up the firm and has sought to implement wide-ranging governance and risk management reforms.
Despite these efforts, the Australian Taxation Office has expressed skepticism of PwC's commitment to putting values before profit. And PwC has faced continued criticism for refusing to release key reports and answer parliamentary questions.
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