Maria Ward-Brennan

Former Big Four partners are increasingly launching boutique consultancies as advisory fees fall, but Q5 co-founder Olly Purnell argues that affluent former partners may lack the urgency and commitment needed to build major challenger brands. Founded during the 2009 financial crisis, Q5 has grown to about 400 employees, with annual growth of just under 20% and record recent revenues. Purnell says artificial intelligence is likely to eliminate large, bloated ERP implementation projects while creating substantial opportunities for specialist advisory firms. Q5 plans to remain fast-growing and staff-owned, expanding into new regions and private-equity work without selling to a Big Four firm or abandoning its culture.

KPMG Australia has asked parent organization KPMG International for financial support after an audit scandal, while announcing cuts affecting 360 employees and 27 partners and a 13% reduction in partner pay. The firm has faced declining revenue for three consecutive years, weaker consulting demand, frozen public-sector contracts and the loss of major corporate clients following revelations that confidential information was misused to win audit work and that a whistleblower complaint was mishandled. Analysts warn that further revenue deterioration and banking covenant pressures could threaten the Australian member firm’s finances, creating reputational risks for KPMG globally.