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PWC PARTNERS PAID $814K EACH WHILE HEADCOUNT DROPPED 40%

PwC Australia lifted average partner income 6% to $814K in 2025 despite profit falling 2% to $608M and revenue dropping 3% to $2.1B. The firm now has 575 partners (down 35% from 900 in 2023) and 6,100 staff (down 40% from 10,000).

CEO Kevin Burrowes says AI tools boosted productivity 10-20% in late 2025. The firm trained all partners through an 8-week AI course, gave every employee access to at least one AI tool, and started building AI agents that complete tasks with minimal supervision. It's also selling automated advisory products through Amazon Web Services. The model: "fewer people doing the same amount or fewer people doing more."

Clients are pushing for lower fees now that AI lets smaller teams move faster. Burrowes points to the cost of the technology and wants to shift from hourly billing to value-based pricing. PwC is now the smallest of the big 4 behind Deloitte, EY and KPMG, but Burrowes says the firm is struggling to keep up with demand.

8 people were sacked or forced out during the year for bullying and harassment. The firm remains under global supervision following the 2023 tax leaks scandal.

NATIONAL FUEL PRICES (Day-on-Day Change)

AUSTRALIAN NEWS

• The Australian dollar has surged to a 4-year high of 71.92 US cents as Wall Street hit a record with the S&P 500 rising to 7,022. LINK

• Australia’s unemployment rate has stayed at 4.3% in March as employment rose by about 18,000, while economists warn resilient labour demand may prompt an RBA rate rise in May. LINK

• Australian supermarket milk prices are expected to rise as Woolworths lifts payments by 10 cents a litre to fewer than 20 Farmers' Own suppliers and Lactalis adds 5 cents for 800 farmers. LINK

• Australian household spending rose 2.9% in March as transport spending jumped 22.9% due to higher petrol prices linked to the Middle East conflict. LINK

• The ACCC is warning fuel wholesalers, retailers and hospitality businesses over potentially misleading fuel surcharges and price claims as petrol excise cuts largely bypass costly diesel. LINK

• The Victorian government is preparing to replace its 1‑month free public transport trial with permanent half price fares in the 5 May budget as it targets cost of living. LINK

ANZ PAYING $2,000 CASH TO CUSTOMERS WHO'VE ALREADY FILED DISCHARGE PAPERS

ANZ is handing out retention payments, typically $2,000 to borrowers who've already submitted discharge paperwork, plus fee waivers and 15-20 basis point discounts below competitors' rates. The bank scrapped its $2,000 cashback for new customers in September but kept a $3,000 offer for first home buyers. Now it's deploying cash to stop existing customers walking out the door.

Refinancing jumped 7% last month after two rate rises. CBA, Westpac and NAB are all outpacing ANZ. Macquarie is growing fast enough that at current rates it could overtake ANZ's market share in four years.

Brokers say paying people to stay beats paying broker commissions for new customers. But retention cashbacks only show up once borrowers threaten to leave, which brokers say kills long-term loyalty.

COMPANY NEWS

• easyJet has warned that the Iran war has pushed up fuel costs by £25M in a month and is set to increase its half-year pre-tax loss to £540M-£560M. LINK

• Allbirds has announced a pivot from making wool sneakers to AI computing infrastructure and plans to rename itself NewBird AI, as its shares jumped 582% in 1 day. LINK

• Snap has announced plans to cut up to 16% of its global workforce, or about 1,000 jobs plus 300 open roles, to reduce annual costs by over US$500M by late 2026. LINK

• ANZ is offering discretionary $2,000 retention payments, fee waivers and 15 to 20 basis point rate discounts to mortgage customers submitting discharge paperwork as refinancing surges after 2 interest rate rises. LINK

• The Fair Work Commission has ruled that Uber’s automated thumbs up or down complaint-handling and deactivation system for gig workers is illogical, arbitrary and unlawful. LINK

• Fletcher Building has raised prices across its divisions by about 1-5% and up to 36% in plastics to offset surging fuel costs and uncertain Middle East impacts. LINK

• The NRL has launched a multibillion-dollar post-2027 broadcast rights tender that invites bidders to price individual games and packages, enabling different networks or streamers to share marquee matches. LINK

• A major fire at Viva Energy’s Geelong refinery, which supplies 10% of Australia’s fuel, burned for 13 hours has cut operations to minimum rates. LINK

• Long-haul pilots at Qantas have rejected a proposed pay and career progression deal, as 66% voted against an agreement offering up to 30% pay rises over 4 years. LINK

• Blackmores has acquired a 14% stake in Adelaide biotech BiomeBank for US$10M as it seeks a larger foothold in the US$7B global probiotics market. LINK

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CHART OF THE DAY

Ship traffic in the Strait of Hormuz has virtually stopped

ONE MORE SCROLL

Editor’s Pick: Marine data centres could become a reality.

Draft Pick: Shaquille O’Neal, Warner launch ‘Dunkman’ professional dunk league.

Odd Pick: White House warned staff against Iran war bets on prediction markets.

TRIVIA

True or false:

1. Hot water can freeze faster than cold water.

2. Dolphins sleep with both eyes open.

3. A group of bunnies is called a “fluffle”.

Answers below

OUR SOCIALS

ANSWERS

1. True. This is known as the Mpemba effect.
2. False. They sleep with one eye open.
3. True.

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