KPMG Australia has announced a sweeping restructure that includes cutting 27 partners and approximately 360 employees, which equates to about 5% of its workforce. Chief Executive John Sams stated that the majority of the affected roles are within the consulting division, where client demand has weakened.
According to the firm, total revenue for the year ending June 30 reached A$2.257 billion, marking a 1% decline from the previous period. Consulting revenue experienced a significant drop of 16.9% to A$632 million, though it remains the firm's largest division by revenue. KPMG attributed the decline to soft market conditions, reduced government use of consultants, economic challenges, and the fallout from conduct and whistleblower cases.
Four of the firm's other divisions reported growth: audit and assurance increased by 11%, tax and legal grew by 10.9%, mid-market and private gained 6.4%, and deal advisory and infrastructure added 3%.
The firm has faced commercial and political pressure following allegations raised in March by Labor Senator Deborah O'Neill, who told the Senate that a whistleblower alleged confidential Lendlease board papers were misused to pursue audit tenders. In June, KPMG voluntarily agreed to halt bidding for new Commonwealth work until an independent Department of Finance review concludes, which is expected by the end of September. The firm acknowledged that individuals within its ranks had made mistakes.
Alongside the layoffs, KPMG is merging several teams to align more closely with its global advisory business, moving its mid-market and private deals team into deal advisory and infrastructure, and its advisory team into consulting.
Broader professional services and technology sectors have also seen workforce reductions. Data from Layoffs.fyi shows 127,180 technology job losses across 264 companies in 2026, surpassing the 122,606 cuts recorded for the entirety of 2025. Companies including Oracle, Zillow, Google, Etsy, TikTok, Uber, and HDFC Bank have all reported headcount reductions or efficiency pushes, while crypto firms such as Bitwise and Coinbase have also trimmed staff amid varying market conditions.
