PwC Australia releases its Transparency Report

Tuesday, 24 September 2024

PwC Australia has today released its fourth annual Transparency Report, detailing the firm’s performance during a year of governance, business and culture enhancements as it reshapes for the future. 

The report, which covers the period 1 July 2023 - 30 June 2024, is aligned to the World Economic Forum International Business Council Stakeholder Capitalism Metrics. It highlights that, while a challenging year for the firm, its people and partners, significant progress was made across key areas.  

PwC Australia CEO, Kevin Burrowes, said, “During a challenging year for the firm, we implemented ambitious and meaningful actions which are changing our firm for the better. 

“We introduced a new business strategy, leadership team and Governance Board - including the appointment of an Independent Chair - new risk systems, accountability measures and behavioural expectations. We’ve also made changes to our firm’s shape and size, better aligning our business to meet the changing needs of our clients and external environment. 

“I want to thank our people, partners and clients for their support during a year of significant change. I am immensely proud of the progress we have made, recognising there is a lot more to do. I am so proud of our people for their resilience and commitment to clients.”

Commitment to Change progress 

During the reporting period, the firm made significant progress against its Commitments to Change. As of today 36 of the 47 actions outlined have been addressed, including the implementation of an industry leading Governance reform package, which saw the appointment of three non-executive independents to the firm’s Governance Board. 

In addition, the firm launched a new three-year strategy, which puts culture at the heart of everything it does, redefined new focus behaviours, realigned our business structure and refreshed our leadership. 

“These changes mean we’re bringing the best of our firm to our clients, while creating an environment where our people can grow and enjoy rewarding careers,” Mr Burrowes said. 

Financial results 

PwC Australia’s revenue was $2.5 billion for the 12 months ended 30 June 2024, reflecting an underlying revenue reduction of 26.1 per cent and a profit reduction of 24.4 per cent. This was primarily driven by the sale of the firm’s government consulting business in November 2023 and economic headwinds. 

While employee numbers declined as the firm changed and adjusted to the external environment, the firm promoted 1,006 people (15.5 per cent of the workforce), awarded incentive payments of $33 million and increased fixed total remuneration by $61m (5.4 per cent). On 1 July 2024 as part of the annual review process, fixed total remuneration was boosted by a further $40 million. The firm also welcomed 22 new partners to the partnership and 1,296 people to the firm during the reporting period.

Reflective of the significant steps the firm took during this challenging year, average partner income declined by 12.7 per cent.

Our people 

Throughout the year, PwC Australia invested in its employees and put their development and wellbeing at the centre of the firm’s strategy. We: 

• Launched a new behavioural framework, the Evolved PwC Professional, helping people become distinctive and trusted leaders and supporting us to build a leading culture

• Saw employee cultural diversity rise to 54.3% percent - up three percentage points

• Invested $8m in learning and development

• Supported our people to partake in more than 82,000 hours of Social Impact time and to hold more than 690 governance or advisory Board roles

• Launched a new Employee Assistance Program which provides enhanced health, safety and wellbeing support

• Were recognised as a Family Inclusive Workplace and a Platinum Employer in the Pride in Diversity AWEI LGBTIQ+ Awards, remained a WGEA Employer of Choice for Gender Equality and launched an Access and Inclusion Plan

Contributing to a socially equitable and net zero future

The Transparency Report details the firm’s long-held commitment to sustainable and socially conscious ways of operating.  

Scope 1 & 2 emissions have decreased by 94 per cent from the FY19 base year, exceeding the 50 per cent reduction target. Contributing to this was the firm’s continued focus on energy efficiency measures and sustainable design principles in office spaces, and the purchasing of 100 per cent renewable electricity.

In addition, PwC Australia: 

• Introduced a carbon cap on business air travel as part of the commitment to achieving net zero with 2030 goals

• Engaged with suppliers to support them to address modern slavery risks in their respective supply chains and conducted modern slavery awareness training 

You can read the full Transparency Report HERE.