PwC Australia announces additional job cuts following tax plan leak scandal

PwC Australia job cuts: Consultancy firm PwC Australia disclosed on Wednesday its decision to cut an additional 329 jobs as part of a major restructuring effort, in the aftermath of a national scandal involving a former partner leaking government tax plans.

The job reductions represent approximately 5 per cent of the staff, with up to 37 partners expediting their retirement over the next nine months.

Kevin Burrowes, CEO of PwC Australia, described the process as challenging but necessary for realigning the business structure with the new long-term strategy.

These job cuts come in addition to the 338 announced in November. Since the scandal emerged in January 2023, PwC has also divested its government consulting practice to private equity firm Allegro Funds for A$1.

Approximately 1,400 PwC Australia employees transitioned to the newly formed firm, now known as Scyne Advisory.

PwC stated that it will endeavour to offer new roles to those affected by the job cuts, with no hiring freeze in place. 

Furthermore, new partners are slated to be appointed in July.

The company has faced scrutiny following revelations that a former partner leaked government tax plans, subsequently utilising them to secure contracts with global companies seeking to restructure their Australian tax affairs.

(With Reuters inputs)