The peak body for Chartered Accountants has used its Pre-Budget Submission to urge the Federal Government to address the declining pipeline of critical accounting skills and talent - a key risk to Australia's productivity.
Chartered Accountants ANZ (CA ANZ) has outlined how targeted Government investment in accounting education, skills, and talent will ensure Australian businesses and the economy are well supported, now and into the future.
"Chartered Accountants play a critical role in the stability of local and global economies, as well as financial markets, which are core to national productivity," CA ANZ CEO Ainslie van Onselen said.
"Addressing the accountant shortage presents a real opportunity to strengthen our ability to meet the evolving needs of businesses, economies and capital markets."
Australia faces an estimated shortfall of around 6,000 accountants by 2030, while demand for accountants, auditors and finance roles is forecast to rise to approximately 28,000 by 2029.
"To address this, we have called for accountant, audit and finance-related roles to remain on Australia's Occupation Shortage List," Ms van Onselen said.
"Retention on the Core Skills Occupation List is also crucial, as it will allow employers to continue sponsoring skilled workers on temporary visas to fill genuine domestic talent gaps."
CA ANZ has also highlighted the cost of university degrees as a contributing factor to the talent pipeline challenge.
Between 2020 and 2026, annual Commonwealth contributions to accounting study have almost halved, dropping by $882, and maximum student contributions have almost doubled, increasing to $6,244.
"Since 1 January 2021 the Job-ready Graduates Package has reduced the cost of studies in areas considered critical for Australia's workforce needs, such as teaching, but the cost of accounting study has increased. This has contributed to the ongoing shortage in the profession," Ms van Onselen said.
"Reducing accounting degree fees will make university study costs fairer and more affordable, reduce student debts, and increase access to accounting careers. Combined with increasing Commonwealth support, this can help students interested in joining the profession.
"We are also asking for accounting traineeships to be added to the Australian Apprenticeships Priority List to unlock incentives for participants and employers. We anticipate these steps will help address the skills gap and support a more diverse, inclusive profession."
CA ANZ's Group Executive of Advocacy, Government and Public Affairs, Damian Ogden, said the submission offers practical and actionable recommendations for the Government, given the current need for targeted, cost-effective policy solutions.
"Budgets are about decisions and the Treasurer will be making his at a time when the nation's finances are under significant pressure," Mr Ogden said.
"CA ANZ is acutely aware of the current fiscal constraints that will factor into decision making. This is why we are calling for a greater focus on proposals that drive productivity and build a skilled workforce, while modernising our tax system for the benefit of every Australian."
The CA ANZ Pre-Budget Submission also outlines recommendations on digital reporting, the tax system, sustainability and retirement for the Federal Government's consideration, including:
Calling for a modern, more equitable tax system, including investment in the ATO's digital capabilities and streamlined reporting to better support taxpayers.
Renewing the call to make the instant asset write-off permanent, giving small businesses long term cashflow certainty.
The implementation of digital financial reporting for disclosing entities, with investment in infrastructure essential to ensure this succeeds.
Advocating for improved access to retirement advice, including allowing Chartered Accountants to assist without additional licensing requirements and replacing the annual superannuation cap with a lifetime cap to support those who take career breaks.
Asking for stronger, streamlined sustainability reporting through credible disclosures, proportionate audit requirements, well-resourced standard setters, and a unified government roadmap to give investors' confidence and support Australia's long-term competitiveness.
About Chartered Accountants Australia and New Zealand
Chartered Accountants Australia and New Zealand represents more than 140,000 financial professionals, supporting them to make a difference to the businesses, organisations and communities in which they work and live. Chartered Accountants are known as Difference Makers. The depth and breadth of their expertise helps them to see the big picture and chart the best course of action.
