The Reserve Bank of Australia (RBA) is preparing to end KPMG Australia’s role in running its whistleblower hotline amid escalating misconduct allegations against the company, Bloomberg reported.
RBA governor Michelle Bullock told senators the central bank will put the Fair Call whistleblower phone service out to tender and signalled KPMG will not be retained, saying: “I don’t think we will be reappointing them to the whistleblower service.”
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The move adds pressure on KPMG, which plays a prominent role across Australia’s A$4.5tn ($3.2tn) pension industry and provides a range of audit, tax and advisory services.
The Retail Employees Superannuation Trust (Rest), which manages A$105bn for more than two million members, said it is examining the issues raised.
The fund told Bloomberg it is “concerned by the information in the public arena and we are seeking more information about what has transpired”.
KPMG is listed in Rest’s 2025 annual report as internal auditor and as one of two tax agents.
“All decisions related to our external suppliers are made according to the best financial interests of our members, and in line with our supplier code of conduct,” a Rest spokesperson said.
The fallout follows the resignations of KPMG Australia CEO Andrew Yates and national managing partner for audit and assurance Julian McPherson, who are stepping down over the company’s handling of allegations from a former partner turned whistleblower.
Claims outlined in parliament by Labor Senator Deborah O’Neill include accusations that KPMG partners working on property developer LendLease used confidential documents when pitching for other major audit mandates.
KPMG Australia at first rejected the allegations but later admitted its initial review was “not conducted with the necessary rigor required”.
Greens Senator Barbara Pocock said: “Australia’s Big 4 consulting firms are marauding pirates making a mockery of the parliament. They play by their own rules and get away with it, again and again.
“After years of multiple internal inquiries and subsequent cover-ups, KPMG’s recent misdemeanours are being dragged into public view, thanks to a courageous whistleblower.
“Even while the PwC scandal was unfolding, KPMG, who were engaged in their own corrupt behaviours and cover-ups, failed to notify the parliament despite giving evidence to multiple parliamentary inquiries. Such dishonesty beggars belief.”
