KPMG’s Australian arm is under mounting pressure after allegations it leaked confidential client information and breached independence rules, triggering the resignation of its chief executive, the loss of a major government contract and two inquiries. The scandal has intensified scrutiny of Australia’s consulting sector amid comparisons with PwC’s confidential information controversy.
Business
Australian shares opened sharply lower on Tuesday, with the ASX 200 falling 1.5 percent following global market volatility and international tech selloffs. Investors remain cautious amid rising oil prices and Middle East tensions, despite a partial recovery on Wall Street. The decline reflects ongoing concerns over inflation, market valuations, and a weakening Australian dollar near two-month lows.
Australia has secured additional diesel and fertiliser supplies as instability continues around the Strait of…
Trade Minister Don Farrell is seeking clarification from Washington regarding a proposed 12.5% US tariff on Australian exports related to modern slavery concerns. Australia has formally objected to the measure, arguing that the existing free trade agreement should guarantee zero tariffs. Significant uncertainty remains over whether these new charges will overlap with current trade penalties.
Trade Minister Don Farrell has expressed Australia’s disappointment over a proposed US tariff measure targeting countries accused of failing to prevent slave labour imports. The proposal could impose duties of up to 12.5% on exports. Farrell argues the classification is inappropriate and is lobbying US officials to reconsider before a final decision is reached within weeks.