Enrolments in accounting degrees sunk by almost 3,000 students in 2021, coinciding with the “Job Ready” reforms that reduced Commonwealth contributions to these courses, and increases to student contributions by $3,000 per year.

At the same time demand for accountants has hit an all-time peak, with accounting professionals one of the few occupations that experienced a surge in demand due to the pandemic and its impact on the health of businesses. 

Chartered Accountants ANZ CEO, Ainslie van Onselen, who is attending the Jobs and Skills Summit taking from 1-2 September, says that’s why education needs to be part of the solution to address current workforce shortages.

“Right now we have a situation where we have record demand for accountants, but enrolments in accounting and related degrees fell off a cliff after the 2021 education reforms made the degrees unaffordable,” she said.

“As the Prime Minister said earlier this month, migration is part of the solution, but it’s not the only part. The view of my industry is that education reform is another key piece of the puzzle.

“The accounting industry right now needs another 9,000 people, and migration of people with skills and experience in this space is an obvious and urgent solution in the short term.

“But the ticking timebomb is in our university campuses, because in about three years’ time the number of qualified graduates coming through is going to taper off at a time we need them most.”

Ms van Onselen changes to graduate funding could be considered in the context of a broader review into the Jobs-ready Graduate Package.

“An outcome of that review should be to reduce student contributions and increase Commonwealth contributions to the cost of Management and Commerce degrees,” she said.

“The Albanese Government could look at what the Andrews Government have said they will do with nursing and midwifery degrees in Victoria, and consider that a blueprint for our industry and others in trouble.

“We need to find a way to get accountants into the workforce, and into our consulting, accounting, auditing and professional services firms.

“We can import them. We can train them. Or business can start being impacted from 2024 because they can’t get the advice and help they need. That’s the choice.”

Student contributions for commerce and management degrees already ranked amongst the highest prior to the introduction of this Package by the previous government. 

Accounting professionals were one of the few occupations which experienced a surge in demand in recent times as pandemic restrictions impacted the health of businesses. 

Accounting professionals continue to be in high demand, helping businesses take best advantage of growth opportunities.