Australia News: KPMG Whistleblower Scandal and Home Loan Slump 2026

Australia news today is dominated by the KPMG whistleblower scandal and a sharp fall in new home loans, as the political landscape shifts with Jacinta Allan's resignation. The parliamentary inquiry into KPMG's handling of whistleblowers has revealed that the firm paid $500,000 to a second whistleblower, with more individuals coming forward.

KPMG Whistleblower Scandal Deepens

The inquiry, sparked by a whistleblower flagging audit team leaks, has heard that KPMG settled a claim in late 2024, likely with a payment of about $500,000. Former chair Martin Sheppard confirmed the settlement included a confidential deed with non-disparagement provisions but no restrictions on further lawsuits. Former CEO Andrew Yates noted the allegations dated back 25 years, making investigation difficult.

More Whistleblowers Step Forward

Senator Deborah O'Neill revealed that "many many more" individuals are contacting the inquiry, describing a repeat of the same behaviour. Senator Barbara Pocock has pressed KPMG to detail all settlement agreements over the last decade, including amounts paid. This raises serious questions about corporate accountability and transparency.

The firm's practices are under scrutiny, with allegations of silencing whistleblowers in both audit and tax divisions. The inquiry aims to uncover systemic issues and ensure future protections for those who expose wrongdoing.

New Home Loans Fall in June Quarter

According to the Australian Bureau of Statistics, new lending to property investors fell sharply in the three months to June, with a retreat in loans to first home buyers. Major banks have reported a slump in mortgage applications, driven by three RBA rate hikes and the budget's investor tax changes, which have weighed on property prices.

This decline signals a cooling housing market, potentially affecting affordability and economic growth. The data highlights the impact of monetary policy and fiscal measures on consumer behaviour.

Comparison of Housing Loan Trends

Jacinta Allan to Quit Politics

In political news, Victorian Premier Jacinta Allan has announced she will resign from politics, marking a significant shift in the state's leadership. Her departure comes amid ongoing challenges, including housing affordability and infrastructure projects.

Key Takeaways

• KPMG paid $500,000 to a second whistleblower, with more coming forward.
• New home loans fell sharply in the June quarter due to rate hikes and tax changes.
• Jacinta Allan's resignation reshapes Victoria's political landscape.

FAQ

FAQ

What is the KPMG whistleblower scandal about?

The scandal involves KPMG paying settlements to whistleblowers who raised concerns about audit and tax division wrongdoing, with allegations of silencing them through confidentiality agreements.

Why did new home loans fall in June quarter?

The fall is attributed to three RBA rate hikes and the budget's investor tax changes, which reduced borrowing capacity and dampened property investor demand.

Who is Jacinta Allan?

Jacinta Allan is the Premier of Victoria, Australia, who has announced she will resign from politics, triggering a leadership change in the state.

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