This Month
Labor backs away from Rex bailout, guarantees regional flights
Transport Minister Catherine King says Regional Express customers will not lose money, offering a guarantee that will help the airline keep ticket sales revenue coming in the door.
- Tom McIlroy and Ayesha de Kretser
KPMG partner income slides 9pc to $650,000
Lower demand for “legacy” consulting services has pushed revenue at KPMG down 3.6 per cent as the big four firm builds its first 20 digital workers.
- Updated
- Edmund Tadros
Spin off public sector consultants: former judge
Former Federal Court judge Andrew Greenwood says Deloitte, EY and KPMG should move their public sector consultants into separate companies to avoid conflict.
- Edmund Tadros
EY partner profits down by about 13pc
EY Australia has been hard hit by the sector-wide downturn in demand for advisory services, with revenue and average partner profits falling.
- Edmund Tadros
EY fined $571,000 over audit of group linked to Russian oligarch
The UK accounting regulator hit the accounting firm with the penalty for breaching a fee cap relating to its consulting work for Russian steel company Evraz.
- Simon Foy
- Exclusive
- Big four consultants
Big four consultants’ ‘land and expand’ strategy hammered by scandals
The big four consulting firms secured about $90 million worth of contract extensions from Canberra last financial year, down from a record $252 million the year before.
- Ronald Mizen
One consulting firm has more Olympians than the others
In the hyper-competitive world of big four consulting in Australia, one firm stands out in a completely unofficial ranking of which has more Olympic athletes at the Paris Games.
- Euan Black
- Exclusive
- Big four consultants
Big four’s river of gold from taxpayers slashed 50pc
The Department of Defence recorded the biggest fall in spending as Labor cuts the public service’s reliance on outside advice.
- Ronald Mizen
July
Scyne to cut 90 jobs amid crunch on Canberra work
Those affected have had a tumultuous year, in which they were obligated to move to the start-up after the firesale only to find themselves unemployed again now.
- Edmund Tadros
Alvarez & Marsal lifts EY team to spearhead entry into valuations
The trio have been tasked with building a presence in the local valuations sector, and Stewart has been appointed to run the unit.
- Sarah Thompson, Kanika Sood and Emma Rapaport
New EY chief rules out reviving plan to split firm in two
New chief executive Janet Truncale has unveiled a plan to slim down the firm’s central bureaucracy.
- Stephen Foley and Simon Foy
June
How the Federal Court stymied open justice
Once one of the country’s most progressive courts, the Federal Court has become a black hole of silence and suppression applications.
- Max Mason
Telstra hires Deloitte to audit books, replacing EY after 25 years
The telecoms giant said changing auditors was “good governance” and wants to use Deloitte’s digital technology to reduce costs.
- Jenny Wiggins and Edmund Tadros
- Exclusive
- AI
EY looks to Microsoft as consultants seek AI sales edge
EY is giving all staff access to Microsoft’s new AI sales assistant in an effort to win tech-related advisory and software installation contracts.
- Tess Bennett
What Senate inquiry said about big four, now trying to ‘rebuild trust’
The big four consultancies have welcomed the Senate’s final report into the sector, which largely avoided direct criticism of individuals and firms.
- Maxim Shanahan
Inquiry calls for strict new rules for big four consulting firms
Parliamentary approval of contracts and a review of laws governing partnerships are among the final recommendations of a Senate inquiry into outsourcing.
- Edmund Tadros and Maxim Shanahan
The rare bright spot in a difficult consulting market
The Australian arm of Alvarez & Marsal has expanded to 54 managing directors and 300 staff since its launch and is now generating “tens of millions” in local revenue.
- Edmund Tadros
New unit to replace outside consultants in NSW
NSW will follow the federal government in setting up an in-house consulting unit to reduce spending on the major firms.
- Maxim Shanahan
‘EY have modelled it’: Emails reveal advice that cost client $50m
In 2014, Billabong founder Gordon Merchant wanted to sell his bioplastics business. He also wanted to make sure he didn’t pay much tax. Now the advice he took from EY has led to a $50m tax bill.
- Max Mason
Consulting firms soften partner intakes despite rise in exits
The latest partner promotions and appointments at EY, Deloitte and PwC reflect the major downturn in advisory work.
- Maxim Shanahan and Edmund Tadros
