KPMG has become the latest accounting firm to slash jobs as the downturn lashes the professional services sector.
The accounting firm, which employs about 4500 people in Australia, will cut 100s of staff, mainly from its Sydney and Melbourne offices.
The biggest cuts will be in the firm’s tax department, where 36 jobs are set to go.
Most of Australia big accounting firms have swung the axe in recent months. PricewaterhouseCoopers cut 170 staff last month and about 30 before Christmas, while Ernst & Young has also sacked a number of tax accountants.
KMPG chief executive Geoff Wilson has warned staff that this round of job losses will not guarantee remaining employees are safe.
“We continue to assess a variety of options, including flexible work arrangements, as we respond to these challenging circumstances,” he wrote in an internal memo published in media reports this morning.