At an estimates hearing on Wednesday, RBA governor also repeats the bank’s commitment to raising interest rates to reduce inflation
but said PwC had just one ongoing audit and risk management contract with the bank. It would continue because it “isn’t worth the benefit” from switching to another firm.
“There has been underpayment of people when they are leaving the bank,” he said, adding that the shortfall had involved “some non-salary benefits”. “We’re in the process of fixing that up now.”Lowe said he was “100% confident” that PwC had no access to its monetary policy information. Addressing a question from the Greens Treasury spokesperson, Nick McKim, about what steps the RBA was taking so that “PwC can’t run the same scam on the RBA as they ran on Treasury”, Lowe said he was “100% confident” the firm had no access to its sensitive monetary policy information.
The RBA has spent between $100,000 and $900,000 annually over the past five years with PwC, a relatively small amount compared with some government departments and agency. The existing contract was worth $300,000-$400,000, Lowe said. The global accounting company is facing rising demands to name the PwC staff involved in the mistreatment of sensitive tax details, and to state what action they will face. Treasury said earlier this weekAhead of the senate estimates grilling of RBA governor Philip Lowe, investors were assessing the chance of an interest rate rise in June as 10%. However, they place the odds of one more hike - the 12th in this series - as about 90% by August.
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