KPMG Australia Revenue Falls, Growth Halved by Pandemic

KPMG continued to grow in Australia in fiscal year 2020, despite a sharp downturn after the Covid-19 pandemic hit in March, its results showed Thursday.

KPMG LLP said its Australian revenue grew by 7% to 1.9 billion Australian dollars ($1.4 billion) in its fiscal year to June 30, compared to a pre-pandemic target of 13%. All divisions posted growth, it said, but revenue tumbled at an annual 15% after the pandemic hit in March.

The results offer some reassurance that the large accounting firms can weather the crisis, despite fears that consulting business would dry up as companies ...