Money

Penny drops – PwC Australia announces mass job cuts

Published

1 year ago

March 13, 2024

Ahron Young

PricewaterhouseCoopers Australia has announced the dismissal of 366 employees, including up to 37 partners, as part of a strategic overhaul within the firm.

The decision, disclosed to the firm’s 7,200-strong workforce on Wednesday, marks a pivotal moment for one of Australia’s leading professional services firms.

The restructuring initiative aims to streamline operations and adapt to changing market dynamics following a tumultuous period for the company.

Affected employees were notified midday Wednesday and will receive further details regarding their employment status in the coming days.

PwC Australia says that impacted individuals may have the opportunity to apply for newly created positions resulting from the organizational changes.

Restructuring process

Furthermore, the firm disclosed plans for affected partners to accelerate their retirements over the next nine months, contributing to the restructuring process.

PwC Australia CEO, Kevin Burrowes, stressed the importance of this strategic realignment, stating, “This has been a very challenging and complex process, but an important one, as we realign our business structure with our new long-term strategy.”

Burrowes expressed gratitude for the contributions of all employees and assured those affected that the firm would support them through this transition period.

“As part of our long-term strategy, this reorganization will make the firm a more simplified, efficient, and centre-led business, enabling us to continue delivering the highest quality of service to our corporate and private sector clients,” Burrowes added.

Leadershup team

As part of the restructuring efforts, PwC Australia intends to reconfigure its management leadership team, introducing roles for a Chief Information Officer and Chief Financial Officer, with the aim of reducing layers within the leadership structure.

The decision to downsize follows a comprehensive review of all aspects of the firm’s operations.

Last year, PwC Australia divested its government consultancy business, valued at up to $1 billion, for a nominal sum of $1.

Additionally, approximately 350 jobs were cut towards the end of the previous year, accompanied by early retirements among several partners.

Money

RBA unexpectedly keeps interest rates steady at 3.85%

RBA surprises with decision to maintain interest rates at 3.85%, impacting economic forecasts and housing market activity.

Published

20 hours ago

July 8, 2025

Ahron Young

RBA surprises with decision to maintain interest rates at 3.85%, impacting economic forecasts and housing market activity.

In Short:
The Reserve Bank of Australia has kept its cash rate at 3.85% despite concerns from the Housing Industry Association about its impact on new home construction. Although inflation is within target and there’s some market confidence, households are under financial strain amidst economic uncertainties.

The Reserve Bank of Australia has decided to maintain the cash rate at 3.85% following a split vote of six to three. This unexpected decision comes as the Housing Industry Association warns that these rates remain restrictive, potentially hindering new home building.

Senior economist Tom Devitt stated that the rates will delay necessary building activity but noted improved market confidence following previous rate cuts.

Current inflation data shows the RBA’s preferred measure has been declining and remains within the target range. However, household spending is under strain, with Australia experiencing a per capita recession since mid-2022.

Labour costs

The RBA’s decision was influenced by concerns over productivity growth and high unit labour costs, affecting its inflation outlook. While some economists anticipated a rate cut, the RBA opted for caution due to economic uncertainties, both domestically and internationally.

The bank acknowledged gradual recovery in private demand and household incomes but highlighted ongoing challenges in passing cost increases to final prices.

Despite the hold on rates, price rises in essentials like petrol continue to impact Australian households. The RBA emphasized the need for ongoing assessment before making future rate changes, suggesting a careful approach in response to evolving economic conditions.

Money

Feeling the stress this tax season?

Join Dr. Steve Enticott for essential tax tips to avoid costly mistakes this season and maximize deductions for 2025.

Published

1 day ago

July 8, 2025

ticker NEWS

Join Dr. Steve Enticott for essential tax tips to avoid costly mistakes this season and maximise deductions for 2025.

It’s that time of year again, and if you’re feeling overwhelmed, you’re not alone.

With so many moving parts, from missed deductions to misplaced receipts, small mistakes can lead to big losses.

Dr Steve Enticott from CIA Tax joins to break down what people forget most, which new deductions to know for 2025, and why a simple checklist can save you money.

#TaxTime #MoneyTips #2025Tax #TaxReturn #TickerNews

Money

Trump’s ‘big beautiful bill’ passes Senate

Trump’s tax and spending bill passes Senate 51-50; faces House vote amid concerns over inequality and support cuts.

Published

1 week ago

July 2, 2025

ticker NEWS

Trump’s tax and spending bill passes Senate 51-50; faces House vote amid concerns over inequality and support cuts.

President Trump’s sweeping tax and spending bill has narrowly passed the U.S. Senate 51-50, with Vice-President JD Vance breaking the tie.

The bill promises big tax breaks, military boosts, and immigration crackdowns, while slashing support for Medicaid and low-income aid, a move critics say risks deepening inequality.

All eyes now turn to the House vote, where Trump’s political clout will face a fresh test.

#Trump #BigBeautifulBill #USPolitics #TickerNews