Australia is projected to face a shortfall of almost 18,000 accounting, audit and finance professionals by 2035, research commissioned by Chartered Accountants Australia and New Zealand (CA ANZ) has found.
The research indicates that the largest gap will be among junior external auditors.
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Projected workforce supply in this area is expected to cover less than half of anticipated demand, it estimated.
The accounting profession generates more than A$82.4bn in annual economic activity, representing around 3% of Australia’s gross domestic product, according to the research.
It also supports more than 365,000 jobs.
If classified as a separate industry, accounting would be Australia’s 13th-largest sector, ranking ahead of real estate, accommodation and food services, and agriculture.
CA ANZ CEO Ainslie van Onselen said the findings pointed to the profession’s economic role and the need to ensure Australia has sufficient financial expertise to support future growth.
She said: “Accounting is one of the quiet foundations of Australia’s economy.
“Every investment decision, every audited financial statement and every board that governs with confidence relies on the work of accounting professionals.”
The projected shortfall varies across the profession.
Attrition is expected to be the largest contributor, with an estimated 108,000 people set to leave accounting roles during the next decade.
Van Onselen said shortages will be particularly felt in positions that are difficult to replace, with supply expected to meet only around half of demand in 2035.
Accounting course completions have declined by 61% since 2018.
Domestic enrolments remain below half of their 2018 peak, while skilled migration outcomes for accountants and auditors have almost halved over the past decade.
Meanwhile, greater regulatory complexity and technological change are increasing demand for accounting expertise.
Van Onselen said the findings of the research, which was conducted by Oxford Economics Australia, should serve as a “wake-up call”.
Although the effect of AI on future demand remains uncertain, the report suggests the technology will alter the skills required of accountants rather than lower demand for the profession.
She said that higher-order capabilities, including professional judgement, critical thinking and strategic advice, will become increasingly important.
The report also outlined five priorities to tackle the shortfall: boosting local talent, preserving global recruitment, building modern skills, supporting participation and improving long-term workforce planning.
CA ANZ Advocacy, Public and Government Affairs group executive Damian Ogden said: “The shortage isn’t about accountants for accounting’s sake. It is about having enough people with the right skills to support business investment, financial confidence and economic growth.”
