Deloitte chief executive Adam Powick says some stability has returned to the troubled consulting market, indicating a $70 million hit to revenue last financial year as a result of public scrutiny and an industry-wide downturn was unlikely to be repeated.

Revenue at the firm, which has become Australia’s largest following PwC’s tax leaks scandal, fell by 2.4 per cent to $2.78 billion in the year ended June 30, dragged down by a 4 per cent contraction in consulting division billings.