Updated
Updated · Bloomberg · Jun 4
RBA, Rest Review KPMG Australia Ties as Central Bank Signals Hotline Contract May End
Updated
Updated · Bloomberg · Jun 4

RBA, Rest Review KPMG Australia Ties as Central Bank Signals Hotline Contract May End

3 articles · Updated · Bloomberg · Jun 4

Summary

  • Reserve Bank Governor Michele Bullock told senators KPMG is unlikely to be reappointed to run the bank’s whistleblower phone hotline, marking the sharpest sign yet of fallout from the allegations.
  • Rest, one of Australia’s biggest super funds, is also reviewing its involvement with KPMG as whistleblower misconduct claims widen pressure on the Big Four firm.
  • The scrutiny shows major financial institutions are moving beyond internal concern to reassess active mandates and publicly distance themselves from KPMG Australia.
  • Separately, Bullock said the RBA is seeing signs its rate hikes are working through the economy, while Treasury Wine ordered a review of its troubled US operations.

Insights

A firm embroiled in scandal advises on trust. Is Australia's $4.4 trillion superannuation system built on a house of cards?
As another 'Big Four' firm faces a trust crisis, is the entire consulting industry model fundamentally broken in Australia?
The RBA is hiking rates to slow the economy. Is a global AI boom working against its inflation fight?