1 July 2023 - 30 June 2024

PwC Australia Transparency Report

We are pleased to share our fourth firmwide Transparency Report detailing our performance during a year of governance, business and culture enhancements as we reshape for the future.

The report - prepared based on the World Economic Forum International Business Council Stakeholder Capitalism Metrics - documents our comprehensive reinvention journey and commitment to change.

During the reporting period we:

Progressed our Commitments to Change Action Plan.
Introduced a new business strategy and structure, leadership team, Governance Board, risk systems and accountability measures.
Reset our strategy to support our clients to find solutions to the biggest and most complex issues of today: Climate, Artificial Intelligence, Business Model Reinvention and Trust in What Matters.
Took enormous strides in strengthening our culture so that PwC is a place our people feel proud to work and can grow meaningful careers.

Our Transparency Report features our financial results and details of our progress on a wide range of areas related to our social and environmental commitments.

View report

Message from our CEO

Welcome to our Transparency Report

This Transparency Report reflects a difficult year for PwC Australia. While it will be marked as a period where we had to confront deeply troubling past failings, it is also the year we began our comprehensive reinvention journey and commitment to change.

"During the year, we introduced a new business strategy and structure, a new leadership team, a new board, new risk systems and new accountability measures. This is ambitious and meaningful change. I am proud of what we are doing, and our people for leading it."

Our clients are operating in a time of rapid change and we have reset our strategy to support them to find solutions to the biggest and most complex issues they are facing today. We do this through our market priority areas – Climate, Artificial Intelligence, Business Model Reinvention and Trust in What Matters – alongside our core capabilities, industry focus and leveraging our Alliance partners.

Our year in review

Built on the highest ethical and professional standards, with integrity at the core of everything we do

Serious misconduct

38

Matters tabled with the People and Ethical Conduct Panel, of which 58% were substantiated, and resulted in either a written warning, financial penalty or exit from the firm. This is down from 43 matters in the prior period, of which 72% were substantiated.
Ethics & Code of Conduct training

100%

“We achieved 100% completion rate for our Ethics & Code of Conduct training. I am grateful to our people who have called out unacceptable behaviours, for speaking up and contributing to the positive change we want to see at our firm.”

Jan McCahey,Chief Risk & Ethics Officer

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Realising the potential of our people in a rewarding, inclusive and flexible workplace

Partners

655
33.3%

Female
66.4%

Male
0.3%

Non-binary, gender diverse or not known
New partner admissions

22
Diverse cultural background

19.4%

Employees

6,726
53.0%

Female
46.9%

Male
0.1%

Non-binary, gender diverse or not known
New hires

1,296

including 691 graduates
Diverse cultural background

54.3%

“In a year where our business underwent significant change, we also took the opportunity to restructure to better align to our strategy and the external environment. Thank you to our wonderful people for your commitment and resilience during a tough year. And to the almost 1,300 people who joined us this year, thank you for helping us build a firm we are proud of.”

Karen Lonergan,Chief People Officer

Employee turnover

32%
Cultural awareness training

87%
Completion rate of First Nations cultural awareness training
Employee promotions

15.5%
Employee engagement

66%

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Delivering sustainable outcomes for our people, clients and community

“The year saw change in the structure of our business, including through the divestment of our government business. Like the broader industry, we also faced economic and business headwinds, which impacted our revenue for the year.”

David Callaghan,Chief Financial Officer

Revenue

$2.5b

Total

-26.1% revenue decline YOY
$2.2b

Australia

-22.5% revenue decline YOY
Profit

-24.4%

Profit decline
Taxes paid

$612m

Total tax contribution

Fixed total remuneration growth

$61m

5.4% growth in fixed total remuneration to our employees
Incentives awarded

$33m

Total payments awarded to employees

Social impact hours

82,909
Social impact contribution

$13m

Financial value of the firm's social investment

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Contributing to a socially equitable and net zero future

“We are committed to reducing our emissions in line with our net zero action plan. We know this is our responsibility as a large employer and what our people, clients and communities expect of us.”

Tom Gunson,Net Zero Leader

Greenhouse gas emissions

-64%

Decrease from base year ended June 2019
Renewable electricity

100%

Renewable electricity in all Australian offices as part of our net zero commitment