KPMG Australia is considering seeking up to $100 million in loans from the global arm of the firm as it deals with the commercial fallout from a whistleblower scandal and the loss of major clients.
Chief executive John Sams is understood to be preparing a request for funding from KPMG’s international network. The proposal could also involve waiving the fee paid by the Australian business to use the KPMG name and access its resources, an amount said to be worth roughly the same as the potential loan.
No formal request has yet been submitted. A KPMG spokesman said: “KPMG Australia continues to work collaboratively with KPMG International to assess financial projections. KPMG International will consider any funding request in accordance with its governance arrangements.”
KPMG operates as a network of quasi-independent firms in different territories, under the ultimate supervision of its global head office. The funding would help the Australian operation retain clients and maintain partner pay at a higher level.
The business has lost contracts with major Australian clients including Macquarie and ANZ. Those agreements are worth tens of millions of dollars annually, although some had not yet begun or will take years to terminate.
The pressure follows allegations raised by an anonymous KPMG whistleblower in 2024. The whistleblower alleged that senior partners had misused confidential information to win work, but the claims were initially dismissed before Senator Deborah O’Neill made them public in March.
Mr Sams, who became chief executive in July, has already overseen significant job cuts. There is no suggestion that KPMG Australia is at risk of insolvency.
