KPMG Australia today announced our financial results for the year to 30 June 2022, posting revenue of $2.341 billion, representing year-on-year (yoy) growth of 16 percent. 




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Notes:* include PNG and Fiji ($0.023b) ** include PNG ($0.011b)

The financial performance in FY22 reflected better-than-expected growth across the firm. In a year that saw KPMG invest at record levels in our people and business, the overall profitability of the firm increased by 8 percent. Equity partner incomes rose 1 percent, consolidating significant growth over the past five years, and a 14 percent increase on pre-COVID levels.

Presenting the results of his first year as CEO, Andrew Yates said: “We delivered record financial performance in the past 12 months as we emerged strongly from the pandemic. The result reflects a remarkable effort by our teams and what we’ve achieved together, delivering impact for our clients through an amazing breadth of work. I’m very pleased that we’ve cemented strong partner profit growth on pre-COVID levels and strengthened the reward for our people. All our operating businesses reported impressive growth, reinforcing the benefits of our refreshed strategy, and our multi-disciplinary offering for clients.”

“I’m particularly proud of the progress made enhancing the employment experience of our people. We’ve taken great strides forward this year, including investing heavily in new job opportunities, remuneration and bonuses following our firmwide review. Transparency around how we pay our people and how they can progress their careers with us has been improved. We introduced popular ‘Work from Anywhere’ and 26-week flexible parental leave policies and launched our future-skills-focused Eclipse Learning Academy,” he said.

FY22 operating performance highlights:

  • 12,238 people, up 25 percent
  • Record number of new partners – 126, up 70 percent
  • Record number of graduates – 749, up 26 percent
  • Taxes paid – $690 million, up 14.2 percent
  • Two new offices (Newcastle and Townsville)
  • Three business acquisitions (Rubicon Red, Certus, Navire)

Business contributions

By operating business, FY22 contributions were:

Audit, Assurance & Risk Consulting (AARC)

FY22 revenue: $644m (excluding recoverable expenses)
(12.5 percent yoy growth)

Our External Audit business delivered 5 percent year-on-year growth while Risk Consulting grew by 20 percent year-on-year. Risk Assurance continued to perform strongly off the back of demand for Governance, Risk & Controls Advisory and Climate Change and Sustainability services. Greater market focus on ESG matters also underpinned significant growth in our Human Rights consulting business, KPMG Banarra.

Deals, Tax & Legal (DTL)

FY22 revenue: $412m
(7.0 percent yoy growth)

Deals, Tax and Legal delivered strong year-on-year growth. Market demand for support with mergers and acquisitions drove significant outperformance, particularly in our Strategy and Transactions practice which experienced a record year. Our core tax compliance and advisory service lines continued to grow strongly as clients benefited from our investments in digital technology and managed services. KPMG Law continued to build good momentum with its focus on legal transformation and managed services.


FY22 revenue: $293m
(20.7 percent yoy growth)

Focused on the mid-market, private clients and regional markets, Enterprise experienced a record year of buoyant growth across all service lines as we invested in new capabilities in cyber, digital integration and transformation, and deal and transaction advisory. The core tax & accounting and audit & assurance businesses produced strong year-on-year growth, complemented by continued significant growth in the expanding advisory business. In addition to the successful integration of the Fiji and Papua New Guinea practices, new offices were opened in Newcastle and Townsville to service these growing economies and communities and provide work opportunities for our people in those locations. To support building scale and capability, the division successfully completed the acquisition and integration of Rubicon Red, a specialist mid-market software integration and automation business.

Infrastructure, Assets & Places (IAP)

FY22 revenue: $164m
(21.8 percent yoy growth)

Infrastructure Assets & Places (IAP), announced by Andrew Yates on 1 July and formed by integrating four existing practices together into a single infrastructure division, delivered a particularly strong performance in its inaugural year. Significant growth was achieved across this business, reflecting the benefits of focusing the firm’s competencies, along with investments made in additional capabilities. Our IAP team expanded by more than 50 percent, reflecting the demand for an integrated offering, with KPMG continuing to play an important role supporting large-scale infrastructure projects at national, state and local government levels.

Management Consulting

FY22 revenue: $666m
(15.6 percent yoy growth)

Management Consulting continued to experience significant growth as we supported an expanded number of clients to deliver on their increasingly larger-scale transformation agendas. Technology, digital, cyber, data and enterprise transformation services were all in high demand. We worked closely with our Alliance partners to deliver large-scale HR, Finance, CRM and ERP implementations, while growing our Microsoft, Workday, Salesforce, Oracle and SAP capability. Demand remained strong across all our industry groups.

People & Inclusion

KPMG remained focused on high employee engagement to promote retention of talent, foster loyalty, and improve organisational performance and stakeholder value. The firm continues to invest in our 12,000-strong workforce to equip our people with the skills required to achieve their personal ambitions, as well as support strategic growth, and help the business adapt to future talent needs.

During FY22, we introduced a new ‘Work from Anywhere’ policy, allowing our people to work internationally and reconnect with family, in addition to our market-leading 26-week paid parental leave policy..

Preview: FY22 Impact Report

The FY22 financial results are being communicated as part of the firm’s annual sustainability reporting, detailing our activity to enhance transparency and accountability on stated commitments. KPMG Australia’s ‘Our Impact Plan FY22’ reports how well we are performing against four pillars – Planet, People, Prosperity, Governance.

The report, to be released later this week, will include the following key achievements:


  • Launched the KPMG Nature Positive Challenge to encourage innovation in nature and biodiversity
  • Implemented an internal carbon price, remained carbon neutral and now sourcing 100 percent renewable energy for all our offices.
  • In a first for professional services in Australia, we estimated that for every dollar of revenue we generate, 0.106kg of carbon emissions are emitted through our client portfolio. This baseline enhances our understanding of the work we do for our client portfolio and, over time, will enable us to monitor how our work aligns with our own Climate Action Plan and Australia’s newly legislated climate commitments, as well as how we support our clients reduce their carbon intensity.


  •  Improved our gender pay gap: employees (reduced by 2.3 percent), partners (reduced by 4.1 percent), and maintained gender pay equity (less than 1 percent gap on a like-for-like comparison)
  • Introduced a Work from Anywhere’ policy, with at least 200 people accessing the policy
  • Implemented 26-week flexible parental leave with a 20 percent increase of men using it since implementation (249 men in FY22, up from 208 previously) 


  • Increased our economic contribution to Australia - $2.341 billion revenue (up 16 percent), employed 12,238 people (up 25 percent), paid $690 million in tax (up 14.2 percent)
  • Advocated on issues that matter - 26 submissions to Government and Parliamentary Inquiries
  • Launched our third ‘Elevate’ Reconciliation Action Plan


  • No notifiable data breaches
  • Training-related misconduct investigations concluded – ethical culture program underway 
  • Introduced new Respect@Work policies
  • Achieved gender equality in leadership – a majority of both the Board and National Executive Committee now women 


The economic outlook for the year ahead looks more challenging with higher inflation, tight labour markets, and rising interest costs. While the short-term economic growth projections are now slightly lower than recent expectations, they are still positive and only marginally below trend. KPMG still anticipates the market for our services to be robust, with clients looking to the firm to support them through change and reforms, including those associated with energy reform and ESG, higher capital investments and business process redesign.

For further information

Kristin Silva
0411 110 953