🦘 KPMG To Slash 250 Senior Roles, Australia Stars In Least Affordable Cities List, Commbank Ramps Up Anti-Scam Game

G’day everyone!

Here’s what we’ve got in store for you today:

• KPMG To Slash 250 Senior Roles

• Australia Stars In Least Affordable Cities List

• Commbank Ramps Up Anti-Scam Game

Let’s have a look at the market snapshot before jumping into the news:

KPMG's AI-Powered Overhaul Slashes Senior Roles by 250

KPMG is making big waves in the consulting world with its plan to axe up to 250 senior roles in a sweeping AI-driven restructure aimed at slashing $80 million in costs annually.

The firm’s National Managing Partner, Paul Howes, explained the push is all about embracing cutting-edge technologies like AI to cater to the increasing demand from clients to transform their businesses swiftly.

This revamp will see traditional, less-in-demand services phased out and a focus shift towards emerging technologies.

While this major overhaul means job cuts, KPMG is also eyeing ways to transition, redeploy, and upskill affected employees into roles within the firm’s high-demand areas.

The exact number of layoffs remains a mystery for now, but impacted staff will know their fate by June 21.

Howes framed the transformation as a necessary generational shift, hinting that legacy assessment and advisory services just aren't cutting it anymore.

The consultation period for this blueprint kicks off now, with final decisions slated for August.

So, keep an eye on KPMG - it's clear they're gearing up to meet the future head-on, even if it means a bumpy road for some employees along the way.

Newsletter Recommendation

Three Aussie Cities Among World's Most Expensive Housing Markets

If you think finding affordable housing in Australia is tough, you're spot on.

According to a recent report by Chapman University's Frontier Centre for Public Policy, Sydney, Melbourne, and Adelaide are now crowned among the top 10 most unaffordable housing markets in the English-speaking world.

The 2023 data ranked 94 cities globally, and let's just say, we're not winning any affordability awards.

Sydney snagged the silver medal for unaffordability, a title it's held dearly for most of the past 16 years.

With house prices tripling relative to incomes, living in Sydney is like trying to buy a mansion in San Francisco while earning an intern's salary.

Melbourne and Adelaide also received the “impossibly unaffordable” label, while Brisbane and Perth were slightly kinder, rated “severely unaffordable” at 80th and 75th places, respectively.

Since the pandemic, home values have surged over 35%, but it's a mixed bag with “multi-speed” growth across capitals.

With continued interstate migration trends and high growth rates in certain cities, expect things to even out a bit over the next few months.

Hang tight, Aussie house hunters - affordable housing might still be a dream, but at least we're in it together!

CommBank Ramps Up Anti-Scam Game with New Intelligence Loop

Commonwealth Bank is stepping up its fight against those pesky SMS phishing scams!

CBA has hopped aboard a new 'anti-scam intelligence loop' designed by the Australian Financial Crimes Exchange (AFCX) and the National Anti-Scam Centre (NASC).

This high-tech loop allows banks, telcos, ISPs, and social media platforms to team up and share scam info faster than ever, blocking dodgy phone numbers, URLs, and fake websites in a flash.

Since joining, CBA has already fed over 1,200 scammy entries into the loop, aiming to outwit these digital tricksters.

James Roberts, CBA’s fraud guru, highlights that the battle against scams requires a united effort across all sectors.

In the background, AFCX, a not-for-profit dedicated to scam-busting collaboration, is pulling the strings.

They launched the Fraud Reporting Exchange (FRX) in 2023, which helps banks quickly alert each other about scam payments.

With scams costing Aussies over $6 billion annually, these initiatives are a beacon of hope. So, next time you get a shady text, just remember, the cavalry is coming!

Offshore Wind Zone Approved for Illawarra: Green Power for 1.8M Homes!

Hold onto your hats, NSW South Coast, because a major wave of renewable energy is rolling in!

The federal government has greenlit a massive offshore wind energy zone from Stanwell Park to Kiama, set to generate a whopping 2.9 gigawatts of power, enough to energize 1.8 million homes.

Originally slated to sit 10 kilometers offshore, community feedback has moved these titans of the sea a cozy 20 kilometers out.

This 1022 square kilometer stretch will host around 20 wind turbines, marking the fourth approved offshore wind zone in Australia.

Our buddies in the Hunter region of NSW and Victoria’s Gippsland and Portland are already in the game.

Despite some community pushback about potentially marring the stunning coastal views and affecting marine life, climate champions like the Australian Conservation Foundation (ACF) and the Climate Council are all in.

Jennifer Rayner from the Climate Council emphasized the reliability of wind energy, calling it a key player in ensuring Australia’s clean, round-the-clock power supply.

Gavan McFadzean from ACF added that responsibly sited renewable projects are integral to maintaining energy-intensive businesses and local jobs, while contributing to a safer climate.

While we've got the zone, the wind farms themselves still need a thumbs up under the Environment Protection and Biodiversity Conservation Act.

So, hold tight – the journey to a greener future is in full swing!

You Made It!

If you’ve read all the way up to here, we just wanted to let you know that you’re an absolute legend!

Time to go to work and show off how clued up you are about what’s going on in the business world 💪

Keep an eye out for tomorrow's newsletter. Until then, we’d love to get your feedback below!