The Reserve Bank has essentially blacklisted PwC from future contracts despite governor Philip Lowe confirming the RBA has underpaid its staff and enlisted the besieged firm to assist with the clean-up.
PwC’s reputation continues to be battered throughout Senate Estimates, with the Economics Committee grilling the RBA Governor on existing contracts with the firm on Wednesday.
“We’re as appalled as you are, the use of private information of this sort for commercial gains is wrong,” Dr Lowe told Senate Estimates on Wednesday. Commonwealth entities will now need to specifically consider confidentiality breaches when engaging an external consultancy firm. Senator McKim then grilled the governor on whether the firm had access to confidential market sensitive information and what the bank had done to ensure the risk was mitigated.
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