PwC Australia outlines new three-year strategy

Friday, 26 April 2024

• Reaffirms the firm is delivering on its Commitments to Change;
• Repositions the firm to support clients in an era of disruption and economic uncertainty; 
• Highlights multi-disciplinary support for clients across core market-leading capabilities such as; audit, tax and deals, risk and transformation, cloud and digital; and
• Prioritises four new key market areas; artificial intelligence, trust in what matters, climate and business model reinvention. 

PwC Australia has confirmed its new firm strategy, with clients and culture at the heart, while continuing to deliver on its Commitments to Change. 

The strategy will help drive multi-disciplinary support to corporate and private clients amid unprecedented levels of disruption, including technological, AI, economic uncertainty, skills shortages and rapidly-changing societal expectations.   

PwC Australia has also outlined its ongoing focus on being a well-managed firm, for example, by having a market relevant operating model, leading governance, risk and ethics, and responsible business practices. Building a leading culture is also emphasised as a key driver for the firm to deliver its purpose.  

PwC Australia CEO Kevin Burrowes said business reinvention is needed to truly support clients facing rapid disruption. 

“We are excited for the opportunity to create better outcomes for our clients and people as we launch this strategy,” he said.

“Our latest global CEO Survey shows 53% of CEOs believe they must transform their business to remain viable. Australian businesses are no different and we want to get ahead of this with them and be their partner through their business model reinvention.”

The firm’s global Survey also shows that 70% of CEOs believe that technological change will significantly impact the way their business creates, delivers and captures value in the next three years. 

“We are on the journey to transform through technology and AI that delivers leading insights, quality and outcomes for our clients. This will also ensure we provide our people the best possible working environment, skills uplift and career development in a firm they are proud to be part of.

“This reinvention imperative impacts every organisation in our country, and we are no different. We must act swiftly to stay ahead of the curve.” 

The strategy will see the firm prioritise four key areas; artificial intelligence, trust in what matters, climate and business model reinvention. It will also invest in core capabilities such as audit, tax and deals, risk and transformation as well as cloud and digital. PwC will support clients with a multi-disciplinary approach, supported by the whole firm working together. 

“With a simpler, more resilient business model and robust governance, we will be well positioned to tackle the challenges of today and tomorrow. By leading with a strong cultural foundation, together we will live our purpose, which is to build trust in society and solve important problems,” said Mr Burrowes.