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.