Takings fell by more than a quarter to $2.35 billion in 2023-24 for PwC Australia’s worst decrease ever, as the fallout from the crisis continues.
PwC’s profit fell by 24 per cent in 2023-24, but average partner income only declined by 13 per cent due to top-up payments made to help them with unexpected tax liabilities. The firm also propped up its earnings through a concerted cost-cutting program,Average partner income at PwC is now about $765,000. This compares to average partner income of $814,000 at EY, $650,000 at KPMG and between $430,000 and $516,000 at Deloitte.
The firm has been reeling since May 2023 when the extent of the tax leaks scandal, first reported in January of that year, became apparent. “Confronting past failings has cast a long shadow for our people. Yet it’s also thrown a bright spotlight on our huge opportunity: to shape the PwC of the future,” he said in the firm’s report.PwC lost a net 250 partners and a net 3300 staff during the 2024 financial year, according its new Transparency Report which outlines its results.
The firm’s assurance business, which includes the all-important corporate auditing division, was down by 6 per cent, to $770 million. That practice, where the clients are more sensitive to reputational issues, has lost major clients including Westpac Banking Group but retained Macquarie Group.Revenue from consulting, when the local division and part-owned regional consulting business are combined, more than halved to about $1.2 billion.
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