PwC’s revenue grew by 11 per cent in 2023, although the effects of the tax leaks scandal hit profit and partner pay.
PwC Australia has posted consolidated revenue of $3.2 billion, up 12 per cent, in 2022-23 but profit was flat as the firm’s tax leaks scandal hit the final months of the full-year results.
The $1 fire sale of the division will carve out a business that generated $680 million in fees for PwC in 2022-23. On the latest figures, that means PwC would drop from being the largest of the big four consulting firms by revenue to third, behind Deloitte and EY but still ahead of KPMG.The effects of the scandal have hit pay, with partners committing to a 30 per cent target income reduction for 2023-24 as the public sector carve-out and “ongoing reputational challenges” hit future revenue.
The matter led to former chief executive Tom Seymour and other key leaders leaving, the quiet exit of dozens of partners as business dried up, and the takeover of the local firm by PwC global in the form of new chief executive Kevin Burrowes.
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