Deloitte Australia announces $2.78B in revenue, down 2.4 per cent from previous year

24 JULY 2024: Deloitte Australia has recorded revenue of $2.78 billion for Financial Year 2024 (FY24), which ended on the 31st of May. This represents a 2.4 per cent decrease from the previous financial year in which revenues were $2.85B.

Against the backdrop of intense government and public scrutiny on the professional services sector, Deloitte’s results were impacted by weaker business demand across most sectors for large parts of its advisory and consulting offerings.          

Despite this, Deloitte remains focused on investing in the long term sustainability and growth of its business.  Client demand remains strong for many core services spanning audit, tax, climate, cyber and technology and across sectors including mining and metals, power and utilities, and technology. 

The overall workforce of 13,077 was down slightly from the previous year, reflecting tighter market conditions.  Deloitte continues to attract outstanding and diverse talent with the hiring of over 40 lateral hire partners and 1,151 graduates, and the completion of 7 transactions, including the acquisition of the specialised cyber business, Paraflare.

Deloitte Australia CEO Adam Powick said: “It has been a complex and challenging 12 months in the Australian professional services sector, driven by factors such as significant political and public scrutiny, economic uncertainty and the dampening of client spend.  Despite these headwinds, I am proud of the way Deloitte Australia has continued to lead and make a positive impact on the back of high value client work and thought leadership, a focus on attracting and developing highly talented professionals, and a commitment to building a strong culture founded on integrity, quality, innovation and respect.

“The external environment did though have a direct impact on Deloitte’s financial results, with revenue contracting 2.4% over the past 12 months in response to slowing demand for professional services across a number of key industry sectors.  In this environment, our core focus has been staying close to the needs of our clients and ensuring we consistently deliver high quality client services and outcomes.  While parts of the market have been challenging, we experienced strong client demand for a broad cross section of our skills and services in domains such as core audit and tax services, cyber security, climate reporting and transition, ERP systems, data and AI, and cloud and engineering services. 

“Importantly in FY24 we continued to invest in the long-term growth and future of our Australian practice, including completing a number of key transactions, admitting over 70 new partners, hiring nearly 1200 university graduates, promoting nearly 3000 professionals, and developing and rolling out a globally leading generative AI platform.

“Ultimately our success depends on our ability to consistently add value for our clients, underpinned by the quality, skills and values of our Deloitte partner and professional team.  This will continue to be our core focus in FY25, and we are approaching the new financial year with measured optimism and a clear intent to continue to invest in the future of our business.”