Accounting profession contributes $82 billion to the Australian economy but faces looming workforce gap, despite advances in AI

Chartered Accountants ANZ

10 September 2026

Australia will be short almost 18,000 accounting, audit and finance professionals by 2035, new independent research from Oxford Economics Australia has found. The shortage will be most acute among junior external auditors, where projected supply will meet less than half the anticipated demand.

Commissioned by Chartered Accountants Australia and New Zealand (CA ANZ), the research also quantifies the profession's economic weight for the first time at this scale. Accounting generates more than $82.4 billion in economic activity each year, equivalent to around three per cent of GDP, and supports more than 365,000 jobs.

If treated as a standalone sector, accounting would rank as Australia's 13th largest, ahead of real estate, accommodation and food services, and agriculture.

The research was launched at a breakfast event at Parliament House, Canberra, attended by the Treasurer, the Honourable Jim Chalmers MP.

CA ANZ CEO Ainslie van Onselen said the findings underscored both the profession's economic contribution and the growing challenge of ensuring Australia has the financial expertise required to support future economic growth.

"Accounting is one of the quiet foundations of Australia's economy,” Ms van Onselen said.

"Every investment decision, every audited financial statement and every board that governs with confidence relies on the work of accounting professionals. That work is rarely the headline, but the economy would not function without it."

Where the shortage is sharpest

The shortfall is not evenly spread. Attrition is the single biggest driver, with an estimated 108,000 workers projected to leave the profession over the coming decade. Ms van Onselen said the gap is most acute in roles that can't easily be filled, where supply will meet only around half of 2035 demand.

"This isn't a cyclical dip. It's a structural shift in the pipeline that feeds this profession, and it's most acute exactly where the economy can least afford it: in the junior and intermediate roles that keep audit, tax and financial reporting functions running.”

Why it's happening

Two forces are driving the projected shortages. Accounting course completions have fallen 61 per cent since 2018, while domestic enrolments remain below half their 2018 peak, and skilled migration outcomes for accountants and auditors have nearly halved over the past decade.

At the same time, growing regulatory complexity and changing technology are increasing demand for accounting expertise.

Ms van Onselen said the findings should serve as a wake-up call. “This is not simply a challenge for the accounting profession. It is a productivity and capability challenge for the nation,” she said.

“Businesses, investors, governments and communities all depend on high-quality financial expertise. We cannot take that capability for granted.”

Not a choice between people and technology

While the impact of AI on future demand remains uncertain, the report suggests it will reshape the skills accountants need rather than reduce demand.

Ms van Onselen said higher-order skills such as professional judgement, critical thinking and strategic advice will become more important for the profession.

“As routine tasks become increasingly automated, the value of accountants will lie even more in their ability to provide insight, exercise professional scepticism and help businesses make confident decisions.

“AI will change how accountants work, but it will not replace the need for trusted, professional and human judgement,” Ms van Onselen said.

What needs to change

The report identifies five priorities to address the shortage: strengthening the domestic talent pipeline, maintaining access to global talent, building future-ready skills, supporting workforce participation, and improving long-term workforce planning.

CA ANZ Group Executive Advocacy, Public and Government Affairs Damian Ogden said government, educators, employers and the profession all need to take coordinated action.

“The encouraging news is that this challenge is solvable if we act now,” Mr Ogden said. “The shortage isn't about accountants for accounting's sake. It's about having enough people with the right skills to support business investment, financial confidence, and economic growth.

“These shortages are not inevitable, but they will require action to strengthen the domestic talent pipeline, maintain access to global talent and ensure the profession has the skills needed for the future.

“The cost of inaction will ultimately be borne by the businesses, institutions and communities that rely on sound financial expertise."

Ms van Onselen said Australia's future economic success was reliant on having the right skills in the right places.

“We have a clear path forward, but we need action now to ensure the accounting profession can continue supporting businesses, investors and communities into the future.”

You can view the full report here.

About Chartered Accountants Australia and New Zealand

Chartered Accountants Australia and New Zealand represents nearly 143,000 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.

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