Deloitte Australia has posted a 2.4 per cent revenue decline and revealed 700 job losses - but the WA arm of the business has bucked the trend with an 18 per cent uptick in revenue.
Deloitte Australia has posted a 2.4 per cent revenue decline and revealed 700 job losses - but the WA arm of the business has bucked the trend with an 18 per cent uptick in revenue.
National revenue slid from $2.85 billion to $2.78 billion for the year while total workforce declined from 13,758 to 13,077.
However the professional services firm's Perth office has managed an 18 per cent revenue increase, according to Deloitte Perth managing partner Tim Richards.
"There are a couple of factors driving that," he said.
"Obviously, energy resources continue to be stronger than other sectors and that helps up.
"We've also had a number of technology transformation projects that were already underway that sort of carried us through last year."
Nationally, consultancy revenue was down four per cent to $1.31 billion, while audit and assurance services revenue was down three per cent to $502 million.
Revenue from financial advisory, tax and legal services were all down one per cent, while risk advisory figures were down 0.7 per cent.
Deloitte Australia chief executive Adam Powick said it had been a complex and challenging 12 months driven by economic uncertainty.
“Despite these headwinds, I am proud of the way Deloitte Australia has continued to lead and make a positive impact on the back of high value client work and thought leadership,” he said.
“While parts of the market have been challenging, we experienced strong client demand for a broad cross section of our skills and services in domains such as core audit and tax services, cyber security, climate reporting and transition, ERP systems, data and AI, and cloud and engineering services.
“Importantly in FY24 we continued to invest in the long-term growth and future of our Australian practice, including completing a number of key transactions, admitting over 70 new partners, hiring nearly 1200 university graduates, promoting nearly 3000 professionals, and developing and rolling out a globally leading generative AI platform.”
Deloitte acquired seven businesses in FY24 – ParaFlare, Enforce Consulting, d-twin, Mainsheet Capital, Nihar, Sliced Tech, ATEO – most of which operate in the cyber space.
Some 70 new partners were added throughout the year, with 1200 university graduates being hired.
Deloitte head of access economics Pradeep Philip said there was hope for the year ahead, with several promising federal budget initiatives.
“Including a focus on improving worker allocations to future-critical industries, like those crucial to the net zero transition, residential construction, or aged care through wage and education incentives and targeted migration schemes,” he said.
“And looking at the government’s Future Made in Australia program, tax credits for critical mineral miners and subsidies for green hydrogen production will no doubt bolster industries likely to be crucial to the future global economy and the fight against climate change.
“But overall, more efforts are required. We need wholesale reform that encourages dynamism across the economy.”
