Japa: Australia needs 250,000 skilled workers by 2030

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Australia will face a shortfall of 250,000 skilled workers in finance, technology, and business (FTB) sectors by 2030, according to a new report.

The report released by Future Skills Organisation (FSO), a jobs and skills council funded by the Australian Department of Employment and Workplace Relations, said the demand for FTB skilled professionals is expected to grow much faster than the overall workforce, while supply is not keeping pace.

The organisation said by 2030, Australia is expected to need 3.5 million FTB roles, nearly 450,000 more than today.

“Education and training pipelines are not generating sufficient graduates to meet emerging demand,” the report reads.

“At the higher education level, Information Technology (IT) bachelor’s degree commencements rose between 2021 and 2023, yet these degrees still post the sector’s highest attrition rate and, with international students making up 59% of the 2023 intake, domestic supply remains constrained.

“Domestic enrolments in management and commerce bachelor degrees are declining, especially in accounting, with international students comprising 49% of the 2023 intake.

“Vocational Education and Training (VET) completions have rebounded since the pandemic, but are still volatile and remain insufficient to ensure a stable pipeline of skilled workers.

“Taken together with the higher education trends above, the evidence shows that neither higher education nor VET is yet delivering the consistent supply needed to meet future FTB demand.

“With demand outstripping supply by 2030, a system-wide effort, spanning Vocational Education and Training (VET), higher education, migration and industry collaboration, is essential to skill, upskill, attract and retain the workforce required by 2030.”