Date issued: 11 May 2009
CPA Australia today warned that any restrictions on the number of skilled accountants migrating to Australia had the capacity to cause long-term damage to the nation's economy.
CPA Australia president Richard Petty said the Australian Government should ensure accountants remain on the critical skills list for skilled migrant intake as there is still a significant shortage in the accounting profession.
'The government has indicated the critical skills list will remain under constant review and it will remove occupations from the list if demand for those skills can be satisfied by local labour,' Professor Petty said.
'However there is, and is likely to be for many years, a shortage of qualified and skilled accountants. There are thousands of accounting positions being advertised across Australia today and the latest industry forecasts* are predicting growth in the profession this year despite the downturn,' he said.
'Independent projections also estimate the profession will continue to grow in many areas, particularly work related to insolvency, corporate restructuring and mergers and acquisitions.
'Demand for services related to rigorous governance and regulation, more complex tax and other legislation requirements, the growing trend towards conformity in worldwide accounting and auditing standards, the likely introduction of the emissions trading scheme and an increase in non financial reporting is also expected to increase.
'Coupled with this is the advent of carbon auditing and credits and the emissions trading scheme which is expected to be a new growth area for this industry.'
Professor Petty said the shortage was not as great as it was 12 months ago, but it was still a significant shortage
'We need to take a long-term view for the sake of our economy. The demand for high-quality accounting professionals with a thorough understanding of ethics, governance and strategic performance management will be greater than ever in the next few years.
'We must not forget the economic recession of the early 1990s and what happened in the years following when an acute shortage of accountants hampered the nation's recovery.
'Australia does not want to be in the invidious position in the near future of having too few skilled accountants to assist businesses to re-establish and grow as we emerge from the recession,' Professor Petty said.
'Any moves that could limit the intake of skilled migrant accountants should be resisted.'
*(IBIS World Report Accounting Services in Australia, 2009).