Australia's Accounting Profession Faces Critical Workforce Shortage
Australia's accounting profession is facing a significant workforce gap, with Oxford Economics Australia predicting a shortage of almost 18,000 professionals by 2035. The shortfall will be most acute among junior external auditors, where projected supply will meet less than half the anticipated demand.
The research, commissioned by Chartered Accountants Australia and New Zealand (CA ANZ), also highlights the profession's economic weight, generating more than $82.4 billion in economic activity each year, equivalent to around three per cent of GDP, and supporting over 365,000 jobs.
According to CA ANZ CEO Ainslie van Onselen, 'accounting is one of the quiet foundations of Australia's economy.' The profession relies on accounting professionals for every investment decision, audited financial statement, and board that governs with confidence. Van Onselen emphasized that the shortage is not simply a challenge for the accounting profession but also a productivity and capability challenge for the nation.
The report identifies five priorities to address the shortage: strengthening the domestic talent pipeline, maintaining access to global talent, building future-ready skills, supporting workforce participation, and improving long-term workforce planning. CA ANZ Group Executive Advocacy, Public and Government Affairs Damian Ogden said government, educators, employers, and the profession all need to take coordinated action.