Macquarie Group has terminated its agreement to appoint KPMG as its new auditor, retaining longtime auditor PwC instead. The decision follows a data-sharing scandal at KPMG Australia, where senior audit partners allegedly misused confidential documents to win business and mishandled a whistleblower complaint. The fallout triggered a freeze on new work, departures of key audit partners, and Senate hearings.

Macquarie cited concerns over KPMG's capacity to deliver the audit — given the exit of several proposed team members — and its culture, particularly the failure to transparently disclose issues. The contract, worth nearly A$75mn (US$49mn) annually, was the most lucrative audit in Australia. KPMG Australia's new CEO, John Sams, acknowledged the decision underscores the need for the firm's sweeping change programme.

Macquarie's chair, Glenn Stevens, former Reserve Bank of Australia governor, defended the tender process, noting the limited choice among Big Four firms for a global engagement. PwC Australia, which faced its own 2023 restructuring after a tax‑law leak, welcomed the continued relationship.