Delta variant has not yet cleared the stage and the world has to admit another, even deadlier and more infectious variant called Omicron. In the US, it is reported that Omicron is linked to 95% of new Covid cases. In Australia, 1.1 million cases were reported since the pandemic began, with more than half of those in the first 2 …
Offshore Students Pursuing an Australian Education Qualification Are Being Considered for Work Rights in Australia
Late November, the Australian government released a 10-year strategy for international education with the goal of strengthening the international education sector in Australia in the coming years. Three important points were introduced: Have more diversity amongst the international student population: China and India currently account for 58 percent of overseas students in Australia. Diversification would reduce financial risk while also …
Accounting Firms Urged to Consider Flexible Working Arrangement to Retain Staff
According to the Adapting to the New Normal report by Bastion Reputation and Bastion Insights, two in five employees surveyed want, more than anything, flexible working arrangements. Autonomy is currently more important for some than incentives such as higher pay to most Aussie professionals. Big-four consultancy have already paved the way by offering remote working from overseas. The new policy …
Accounting Firm Owners to Fight Labour Shortage and Wage Growth
Despite earlier pressures and projections, wage growth in Australia has remained moderate, according to the RBA (Reserve Bank of Australia). To be more explicit, wage growth in the public sector was slow. Though there were some good signs in the private sector, the growth had only improved to about its pre-pandemic level. This has a direct impact on three parties. …
Post-COVID: Work From Home Is the New Normal
The pandemic came and it has drastically changed the way we live our professional lives. Before 2019, work from home was often seen as a perk by many companies. Now, only 2 years later, hybrid working model, a combination between on-site and off-site, has become the norm for most Australian firms. According to a survey by Deloitte, two thirds of …
Borders lifted but accounting firm owners are not happy
During June this year, accountants along with other occupations were added to the Priority Migration Skilled Occupation List (PMSOL). This inclusion indicates there is insufficient accountants in the Australian market, and the forecast new accountants will be insufficient in the near term i.e. new accountants from universities or other related industries such as bookkeeping. The Australian accounting labour shortage has …
How Odyssey Assists Smaller Accounting Firms Take on More Complex Clients
We recently received an email from a client, and wanted to reproduce a few interesting observations by the client, a small accounting firm with a sole practitioner partner. There’s not much to add as this client has summed up the wealth of experience with Odyssey’s compliance divisions, as well as the investment in systems to provide a seamless experience for …
Australia “Great Resignation” Impacting Australian Accounting Firms
More recently we’ve been approached by a few accounting firms who have commented they’ve lost staff recently, and are unable to find suitable staff replacements. Some of these firms believe this is only temporary, which has shown Odyssey’s ad-hoc business model an appropriate model for these firms to deploy in the short term. While there is some online discussion as …
Australian Accountants Downsizing Space in Their Offices
Walking along the street the other day I overheard a discussion, which revolved around a head office surrendering their space downtown, and the staff being offered flexible shared workspaces by a third party provider. As the discussion progressed, the head office employee mentioned there was still a shift change needed by the owners of commercial space, who were still pursuing …
After COVID, Australia Will be Short of Accountants for…
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 …
