OpenAI Revenue Rises 18% in Q2 as Losses Widen and Anthropic Surges Ahead 
Anthropic IPO Could Challenge SpaceX’s Record $86 Billion Offering 
Amazon to Expand Drone Delivery to 500 U.S. Locations 
Nvidia AI Server Prices Set to Rise as Memory Costs Surge 
Samsung Shares Rise on $72 Billion Shareholder Return Plan 
Moderna Short Sellers Hit With $4.8 Billion Loss as Stock Soars 
REPAY Stock Rises After Visa Platform Connect Collaboration 
Hyundai Motor Union Launches First Full Strike in Decade Over Wages, AI Job Risks 
Toyota, Honda Shares Rise on Possible U.S.-Canada Auto Tariff Cut 
Alibaba Shares Fall as AI Spending Hits Profit 
SpaceX Hires Natural Gas Trader to Meet Growing Energy Needs 
Unitree Robotics Shares Soar Over 600% in Shanghai Market Debut 
Ampol Profit Surges as Refining Margins Hit Record Highs 
Standard Chartered Expands Hedge Fund Access for Wealth Clients 
California Seeks Paramount Divestitures in Warner Bros. Merger 
CK Hutchison Seeks $1.5 Billion From Panama Over Canal Ports 
TikTok, DOJ Reach $400 Million Children’s Privacy Settlement 
Add as a preferred source on Google
KPMG Australia will cut about 5% of its workforce as the accounting and consulting giant grapples with difficult market conditions and fallout from a scandal involving the misuse of confidential client information.
The restructuring will affect 27 partners and approximately 360 employees, with most of the job cuts concentrated in KPMG’s consulting and business services divisions.
CEO John Sams acknowledged the reputational challenges facing the firm, citing “challenges created by our own failings, and the work we must continue to do to rebuild trust.”
KPMG Australia also warned that economic growth is likely to remain subdued until at least 2028. The weaker outlook is expected to constrain client investment and lengthen corporate decision-making timelines.
“While these conditions are likely to persist, we remain focused on what we can control,” Sams said.
The firm has faced heightened scrutiny from the Australian government and major corporate clients since whistleblower allegations emerged in March. Staff were accused of using confidential information to help secure lucrative audit contracts.
The controversy prompted a major leadership shake-up, including the departures of KPMG Australia’s former CEO, audit chief, chairman and several senior audit partners. Sams, previously a partner in the commercial advisory and transactions practice, took over as CEO last month.
KPMG Australia reported total revenue of A$2.257 billion ($1.62 billion) for the year ended June 2026, down 1% from the previous year. Consulting revenue plunged 17%, partly due to the loss of government contracts.
Despite the overall decline, four of KPMG’s five divisions recorded growth. Deal advisory and infrastructure revenue increased 3%, while tax and legal and audit and assurance each grew 11%. Revenue from the mid-market and private division climbed 6.4%.
KPMG has agreed not to pursue new Australian federal government contracts until September 30 while reviews of its governance, culture, ethics and integrity continue.
The firm also plans to simplify its organisational structure, create more integrated teams and bring its operations into closer alignment with KPMG’s global advisory services.
