Nov 2021

After COVID, Australia Will be Short of Accountants for…

By: Odyssey General, Outsourcing
Tags: labour shortage, Post-COVID

The AFR recently noted that NSW government advice to new Premier Dominic Perrottet notes Australia needs an ‘explosive’ surge of 2 million migrants over the next 5 years, which equates to 400,000 per year.

Economic recovery and post-pandemic growth can only be achieved through an immigration program similar to Australia’s post-World War II approach would ensure Australia would benefit from skills, investment and population growth.

The minister for home affairs noted during the 2019-2020 migration program, 70% cent of the visas were granted through the skilled stream (95,843 in total). Additionally, there were 23,372 regional visas delivered, from the 25,000 places allocated. Of these, 8,372 were Skilled Employer Sponsored Regional and 15,000 were Skilled Work Regional.

Closed borders may turn out to be a bigger threat to the economy than the lingering effects of temporary state lockdowns, according to a spokesperson from Deloitte Access Economics.

“Population growth is next to non-existent,”, and predictions are that by 2025 there would be 900,000 fewer people living in Australia than was expected before the pandemic.

The new NSW premier, Mr Perrottet , said if migration isn’t a key focus, then NSW (and Australia) will be short of engineers and accountants who will commit to other projects in other countries.

Some have predicted by 2025 there would be 900,000 fewer people living in Australia than was expected before the pandemic.

And with the rest of the world opening up in advance of Australia, it seems Australia will lose out to other nations that are open, in areas such as students at universities, and skilled migrants.

Accountants working in Australia continue to be on the skilled migration list and given the requirement for 2 million migrants over 5 years, well short of current migration, it’s likely Australian accountants will continue to be in demand for many years.

If you’d like to talk about how Odyssey can assist with your short term ad hoc Australian accounting compliance then drop us a line.

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