Zoe Stumpf, head of market trends at Source Global Research, said the market was busy thanks to a "widespread belief from many customers that they would continue to seek consultancy to cope with the many disruptive forces they face."  The major winners of this increased demand for consultants include the four major consulting firms Deloitte, EY (formerly Ernst & Young), KPMG and PwC, the strategy companies McKinsey and Boston Consulting Group and the technology company Accenture.
The market is growing so fast that a number of medium-sized consulting firms, such as Partners in Performance and Nous Group, consulting platforms such as the Internal Consulting Group and other independent groups are also thriving.
Public sector demand
The market for consultants in the Australian public sector, defined as all levels of government and the non-for-profit sector, grew by more than 8 percent to nearly $ 1 billion in value.
The coalition government has been unreliable over its extensive use of external contractors and public sector consultants to reduce the size of public service as part of a "budget repair strategy".
"The government's Vision 2025 program, aimed at digitizing all governmental services by that date, has led to increasing demand for support from a wide range of consulting firms," Stumpf said.
"Companies are tasked not only with improving their offering to the residents, but also to streamline and improve the back office. Technical specialists as well as multi-service providers such as Big Four do well in the public sector, and the activity in this area will continue to do a great deal of consulting work. "
Separate data revealed by Australian Financial Review last year showed that the big four consulting firms earned $ 1.7 billion from the federal government between 2012-13 and 2016-17. During this time, the four major ones have also emerged as major political donors.
Stumpf said that the re-election of the coalition government will see that expenses will increase again on consultants, but warned that this could be limited by increased control of costs. by external advisors.
EY has been under fire over the appointment of former defense minister Christopher Pyne, while the OAG also examines the government's growing bill for the use of contractors, consultants and work rental companies.
The Royal Hayne Commission led banks to consult to compensate customers and fix their processes, with demand in that sector increasing by more than 10 percent, to $ 1.4 billion.
"The Hayne Royal Commission has led to a tremendous amount of work among financial service clients who, in the face of significant criticism of their business practices, have been committed to working with consultants to put in place a more robust framework and regulations. "Stumpf.
" In addition to compliance work, this leads to widespread demand for management and a strengthened approach to risk management. "Big four consulting firm Deloitte, the first of the four major to issue a trading report, attributed part of its record revenues of $ 2.3 billion, an increase of 13 percent for the year to May, to claim it out of it. Royal Commission.
Stumpf warned that the consultants were still concerned, despite the bumper year, of a number of factors that could cause customers to reduce the use of external advisers.
"The growth curve may begin to decline slightly as clients balance the need to tackle new types of competition and embrace technology change towards concern for economic growth; in fact, clients are likely to be more careful about their change plans as a result, "Stumpf said.
"However, consultants do not need despair, since there are still many good opportunities in this market; we expect to see growth of around 7 per cent for 2019, with slightly slower growth forecasts by 2020."