Deloitte has overtaken PwC as the largest consulting and accounting firm in Australia by revenue, after the full financial hit from its tax leaks scandal slashed the previously dominant outfit’s takings by more than a quarter.

The revenue plunge in the 2023-24 financial year knocked PwC off its perch as Australia’s top firm, where it has sat since it was created by the merger of Price Waterhouse and Coopers & Lybrand in 1998.