Australian accounting and finance sectors face talent shortages

The Australian accounting and financial services sectors are navigating a structural talent shortage and a shifting market landscape. Data from CA ANZ and Jobs and Skills Australia indicates significant difficulty in filling core roles, with vacancy fill rates for general accountants, taxation accountants, and external auditors falling well below the 67 per cent threshold considered a strong indicator of shortage.

To manage capacity, many firms are increasingly turning to independent specialists and offshore outsourcing. In the financial services sector, 43 per cent of firms report a preference for independent specialists over traditional consulting firms to address gaps in risk, compliance, and AI governance. While major banks have reduced permanent roles in business-as-usual operations, the demand for specialized regulatory expertise remains high.

The accounting market is also exhibiting a two-speed growth pattern. While large consulting-heavy practices face pressure—exemplified by KPMG Australia reporting a 1% revenue decline in FY26—smaller firms under $10 million are growing faster, with an average growth rate of 11.3% compared to 7.8% for larger peers. Automation and AI are expected to play a significant role in future sector revenue, with estimates suggesting potential gains of billions of dollars over the coming years.