Hecs Debt Cut Welcomed, But More Needed for Affordability
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:
“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.