KPMG Australia has reported annual revenue of A$1.12bn ($1.04bn) in the year to 30 June 2014, up 0.6% on last year’s A$1.113bn.

Audit services were flat earning the firm A$392m, tax revenues were down by 2% to A$201m and advisory services revenues increased 1.7% to A$527m.

KPMG Australia said it is currently looking to "reorient its strategy and operations" as well as making investments into growth areas identified by the firm.

Despite sluggish growth KPMG did improve its performance from 2013 when the firm’s revenue was down by 1%.

According to the latest International Accounting Bulletin Australia survey KPMG was ranked as the third largest firm in the country, however both second ranking EY and fourth Deloitte are in close competition and yet to release their 2014 results.

First ranked PwC reported annual revenues of A$1.573bn in the year to 30 June 2014, up 7%. This was a significant improvement for the firm which had a decrease in annual revenues of 1% in 2013 at A$1.47bn.

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PwC Australia chief executive officer Luke Sayers said the growth was organic across all service lines as well as fuelled by "a number of targeted acquisitions".

The most recent results leave PwC Australia looking likely to reconfirm its dominance among the Australian Big Four.

In 2013 the firm distanced itself firmly from second-comer EY, which reported flat-lining growth at A$1.12bn.

Related links:

KPMG Australia

PwC Australia