PwC Australia 
Transparency Report FY23

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This is PwC Australia’s third firmwide Transparency Report. It has been prepared based on the World Economic Forum International Business Council (WEF IBC) Stakeholder Capitalism Metrics to demonstrate our strengthened focus and ongoing commitment to transparency, accountability and sustainable performance. Our disclosures are based on the four areas of Principles of Governance, People, Prosperity and Planet.

CEO message

FY23 was a challenging year for PwC Australia. A year which unearthed behaviours we are not proud of and threw into question our governance, culture and accountability practices. A year which made us all stop and take stock. 

It was a year defined by the revelation that a number of now former partners had failed in their professional, ethical or leadership responsibilities, with respect to the misuse of confidential Treasury information. 

Yet, it will also be remembered as the year significant action was taken, in order to reset. 

We are deeply sorry to our people, our clients and the communities we work in. We are sorry for our failings and for the culture that allowed these behaviors to go unchecked for many years. We are committed to taking the actions required to rebuild trust. 

In May 2023, we commissioned Dr Ziggy Switkowski AO to conduct an independent review of our governance, culture and accountability. Based on our reflections on the recommendations made in the Independent Review, we have developed five key Commitments to Change and a comprehensive Action Plan that provides a roadmap to becoming the leading professional services firm.


Kevin Burrows

Kevin Burrowes
CEO, PwC Australia

Summary of our metrics

1 Metrics shown on this page are as at 30 June 2023 and do not reflect the divestment of our government advisory business to Allegro Funds which occurred on 8 November 2023. 2 People numbers related to the divestment of our government advisory business are provided in the People chapter. 3 Results from our ‘Global Mojo’ Survey conducted in May FY23. 4 Unless otherwise stated Diverse Cultural Background (DCB) refers to non-European DCB, defined as being from a non-Anglo-Celtic or non-European background. For the purposes of reporting we rely on the self-disclosure of our people. 5 Refer to page 21 for full details of Australian revenue. 6 In FY22 we made record incentive payments as a result of our strong financial performance. The FY23 total annual performance incentive payments to employees is an increase of 31% compared to FY21 total annual performance incentive payments of $36M. 7 To allow a relative comparison with our FY19 base year emissions, figure includes scope 1 and 2 emissions, and scope 3 business travel emissions only.

Embedding the highest ethical and professional standards with integrity at our core.

In May 2023, following a breach of PwC values and policies, Dr Ziggy Switkowski AO was commissioned by PwC Australia to conduct an independent review of our governance, culture and accountability. 

PwC Australia has accepted and will implement the Independent Review’s recommendations, as detailed in our Management Response and Action Plan. We know this is a critically important step to re-earn trust.

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Realising the potential of our people in a rewarding, inclusive and flexible workplace.

Our people are central to everything we do at PwC. From the top down, we are committed to rebuilding and re-earning their trust. This includes prioritising people’s health and wellbeing, giving them access to challenging and purposeful work, and opportunities to develop and grow their careers. We are also striving to improve our culture and Dr Switkowski’s Independent Review of our firm’s governance, culture and accountability includes recommendations on how we put our purpose and values at the core of everything we do. 

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Delivering purposeful and sustained outcomes for our people, clients and community.

On 1 September, we published our full year financial results for 2023. We reported underlying revenue growth of 10%, while profit remained flat year-on-year against the backdrop of the challenges faced by the business in the last quarter.

Through our financial performance, business operations and client services, we deliver measurable contributions to Australia's economic prosperity, including job creation, new innovations, skills and leadership development.

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Contributing to a socially equitable, net zero and nature positive future.

We are committed to taking steps to achieve a net zero and nature positive future. This includes taking action on climate change, in line with our commitment to achieve net zero greenhouse gas emissions.

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PwC Australia Transparency Report FY23

Basis of Preparation

Contact us

Liza Maimone

Liza Maimone

Sustainability Executive, PwC Australia

Tel: +61 3 8603 2008

Janette O'Neill

Janette O'Neill

Chief Sustainability Officer, PwC Australia

Tel: +61 428 691 683

Patrick Lane

Patrick Lane

Head of Media, Reputation, PwC Australia

Tel: +61 437 884 010