Deloitte annual retreat hits Adelaide
Big four accounting firm Deloitte has flown hundreds of partners to Adelaide for its annual catch up, with plenty to talk about in the beleaguered professional services sector.
More than 1000 Deloitte partners are packing out Adelaide’s top hotels with the big four accounting firm kicking off its annual retreat here on Thursday.
And there will no doubt be plenty to talk about, with PwC’s tax leak travails presenting business opportunities but also casting a reputational cloud over the role of the large professional services firms, particularly in how they deal with governments.
Adelaide has arguably been more of a focus for Deloitte than the other three large firms in recent years, launching its Centre for Innovation and technology, which promised to create 500 jobs, back in 2021.
The firm is also set to be an anchor tenant in Walker Corp’s Festival Tower project behind the state parliament building, where it will occupy four floors overlooking the River Torrens.
Deloitte told The Advertiser late last year many of the 500 Innovation Centre jobs had been filled, and the firm was aiming to create another 1000 local jobs over the next five years.
With full-time partners at Deloitte earning an average $500,000-$600,000 per year, the city’s restaurants and wineries will be gearing up for some brisk trade.
Deloitte chief executive Adam Powick is paid a generous $3.5m - seven times that of the Prime Minister Anthony Albanese - which he admitted under questioning at a Senate inquiry in July was likely a bit on the generous side.
Senator Deborah O’Neill then asked Mr Powick during the inquiry: “Are you really worth seven times the salary of the Australian Prime Minister?” Senator O’Neill asked.
“No,” Mr Powick said.
“I happen to deeply recognise that I’m incredibly privileged to earn what I do for what I do.”
The inquiry was held in response to the PwC scandal, in which it was revealed some senior partners of the consulting firm misused confidential federal government information to help large multinational companies cut their tax bills.
PwC’s Australian CEO quit as a result, while nine partners have stood down, and the AFP is investigating the company’s international tax expert Peter John Collins, the key player in the fiasco.
The use of external consultants from the Big Four is also likely to remain under intense scrutiny for years to come, with the Albanese government saying it has already made significant changes to the use of consultants since coming to power in May last year, after more than $10bn was spent on consultants over the past decade.
A Deloitte spokesperson said on Thursday the annual event was a staid affair.
“This is an annual partner meeting that provides an important opportunity for Deloitte partners to get together and connect in person to discuss our strategic priorities and reinforce the culture and values of the firm,” the spokesperson said.
“Partners attending the annual partner meeting have accommodation provided on Thursday and Friday nights at appropriate hotels in close proximity to the Convention Centre where the meeting is being held.
“Any partners attending are free to participate in additional tourist activities in their own time and at their own expense.”
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