Australia's Accounting Profession Faces Looming Workforce Gap

The accounting profession in Australia is facing a looming workforce gap, with a projected shortage of almost 18,000 professionals by 2035. According to new research from Oxford Economics Australia, commissioned by Chartered Accountants Australia and New Zealand (CA ANZ), the shortfall will be most acute among junior external auditors.

The same research found that accounting generates more than $82.4 billion in economic activity each year, equivalent to around three percent of GDP, and supports over 365,000 jobs. If treated as a standalone sector, accounting would rank as Australia's 13th largest, ahead of real estate, accommodation, and food services.

The CEO of CA ANZ, Ainslie van Onselen, said the findings underscored both the profession's economic contribution and the growing challenge of ensuring Australia has the financial expertise required to support future economic growth. 'Accounting is one of the quiet foundations of Australia's economy,' she said.