KPMG Australia is preparing to cut up to 400 more jobs by the end of November, International Accounting Bulletin reported on 2 November, citing The Australian Financial Review. One person told The Aussie Corporate it would be "circa 400 heads out over the next 2-3 weeks. Right before Xmas."
The cuts will "mainly affect consulting and internal business services", the report said, in a program "known internally as 'the reset'". HCA Magazine reported that partners in the public sector division were also bracing for impact. We found no statement from KPMG confirming the figure, and its newsroom had nothing on it when we read it on 5 November.
What we heard first
Two messages reached our Inside Track on 28 October, before that report. One said KPMG had "just announced another round of redundancies in firmwide call", with a "fast-tracked timeline aimed for end of November". The other said the main message was "to work through to the end of November and use the shutdown as a reset going into 2027".
How big it is
KPMG put its first round on 24 August at about 5% of its workforce, 27 partners and around 360 employees, mostly in Consulting and Business Services. It said Consulting revenue fell 16.9%. Up to 400 more would be about the same size again and would take the total to "about 800 of KPMG Australia's 9,000 employees", International Accounting Bulletin said.
One of the 28 October messages said people were told this round would be larger than the first. The person who wrote to us this week said "it will be Consulting" again.
Those who stay and those who go
KPMG's offices close from 23 December 2026 to 10 January 2027. Employees and partners "will be required to take a total of ten days of annual leave during this period", according to an email to staff seen by The Aussie Corporate.
For anyone made redundant first, Fair Work says "outstanding entitlements also need to be paid out, including any unused annual leave and long service leave". Its minimum redundancy pay is four weeks after one year of service, rising to 16 weeks at nine years, at the base rate with bonuses left out. People with less than 12 months' service usually get no redundancy pay.
The federal ban
KPMG's pause on new federal work runs to 28 February 2027. Our earlier story covers how it began and what the Watt review found.
What we don't know
We don't know how many of the roles are in consulting or in Canberra, whether the total reaches 400, or what people will be paid. We have not seen a KPMG document setting out the number.
The tip that started this story is on our Inside Track. If something in this story is wrong, tell us through our corrections form.
