The introduction of legislation to Parliament to reduce student loan debt by 20 per cent has been welcomed by Chartered Accountants ANZ (CA ANZ), but the peak professional body warns it won’t solve the accounting profession’s growing talent crisis.
CA ANZ CEO Ainslie van Onselen said enrolments in accounting degrees have halved in the last seven years, which is constraining the profession’s talent pipeline.
“CA ANZ is pleased that this 20 per cent reduction in student loan debt is the first government legislation to be introduced to the new Parliament,” said Ms van Onselen.
“This will help more students complete their degrees, which is especially vital in accounting, with completions as of 2023 declining each year for five consecutive years since 2018.
“However, we hope this is the starting point for tertiary education funding and financing reform, not the end.
“The high cost of a degree remains a major barrier to pursuing an accounting career. Without further action, Australia faces a shortfall of around 18,250 accounting, audit and finance professionals within five years.”
To address this, CA ANZ is calling for:
- Ongoing HELP debt relief for students in courses facing critical skills shortages, including accounting.
- Reclassification of accounting degrees to Funding Cluster 2, recognising their alignment with STEM disciplines and unlocking fairer fee structures.
- Expanded support for accounting education in high schools, including recognition of accounting as a STEM subject and the development of a robust national senior secondary accounting curriculum.
“We need to support and broaden student pathways into the profession, from high school through to higher education and vocational training, if we’re serious about building a sustainable talent pipeline and improving Australia’s productivity.
“These changes would increase fairness, affordability and access to careers in accounting,” said Ms van Onselen.
CA ANZ has included these recommendations in its submission to Treasury’s Economic Reform Roundtable and looks forward to working with government and educators to ensure accounting remains an accessible and attractive career choice.
ENDS
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.
www.charteredaccountantsanz.com
For more information contact:
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Gillian Bowen, Public Affairs Manager Australia M +61 411 485 421
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