In a rapidly evolving technological landscape, certain white-collar professions are projected to remain in high demand despite the rise of artificial intelligence. According to the Future Skills Organisation, roles such as accountants, financial advisers, IT managers, chief executives, and bank workers are expected to face significant skills gaps by 2030. This prediction comes even as AI continues to advance in performing analytical and thought-based tasks.
These professions, typically offering six-figure salaries, are anticipated to be in short supply, highlighting a critical need for skilled workers in these areas. The Future Skills Organisation’s Workforce Plan 2025 outlines this impending shortfall, emphasizing the disconnect between current educational outputs and market demands.
Projected Shortfalls in Key Professions
The report forecasts that Australia will require 221,400 accountants by 2030, yet only 215,400 are expected to be available, resulting in a gap of 6,000. Accountants remain well-compensated, with management accountants earning an average taxable income of $127,000 and tax accountants $99,736, according to recent tax data.
IT managers are also projected to be in short supply, with a predicted deficit of 16,300 positions. Despite the global trend of layoffs, Australia’s technology sector is expanding, driven by businesses’ increasing reliance on digital capabilities. The average salary for IT managers stands at $167,154, reflecting their critical role in the digital economy.
‘Australia faces a projected shortfall of almost 250,000 skilled workers across finance, technology, and business by 2030,’ the Future Skills Organisation stated.
Financial Sector Challenges
In the financial sector, bank workers are expected to be 5,300 short, with a demand for 48,500 from a pool of 43,200. This shortage persists despite the acceleration of branch closures as more customers transition to online banking. Bank tellers earn an average of $98,058 annually.
Financial investment advisers and managers are also anticipated to face a shortfall of 5,900 positions. The average taxable income for financial advisers is $143,484, with financial investment managers earning up to $371,566. This profession ranks as Australia’s tenth highest-paid, with an average salary of $191,986.
Education and Training Gaps
The Future Skills Organisation’s report highlights a critical issue: the current education and training systems are not aligned with the evolving job market. The rapid technological changes across finance, technology, and business sectors demand an urgent update in educational practices to better prepare graduates for these roles.
‘Technological changes across finance, technology, and business are rapid, and without mechanisms to uplift educator knowledge and practice, learners will continue to graduate misaligned to job requirements,’ the Workforce Plan 2025 notes.
Broader Economic Implications
The implications of these projected shortfalls extend beyond individual professions. The broader economic landscape is affected as well, with only a small percentage of Australians earning the top-tier salaries that define the nation’s wealthiest. Just 125,771 Australians earn at least $408,974, placing them among the top 0.8 percent of the 16.1 million income taxpayers.
In contrast, the average salary across various professions is significantly lower, with the top ten occupations earning above $192,000. This list includes finance dealers, internal medicine specialists, and chief executives, among others.
Meanwhile, professions such as waiters, bookkeepers, and receptionists, although in demand, offer much lower average incomes. Bookkeepers, for instance, are expected to face a shortage of 27,100 positions, yet their average taxable income is only $61,374.
Looking Ahead
The anticipated shortfall in skilled workers across key sectors underscores the need for strategic planning and investment in education and training. As Australia navigates the challenges of a rapidly changing job market, the focus must remain on aligning educational outcomes with industry needs to ensure a robust and adaptable workforce.
As AI continues to evolve, the future of work will undoubtedly change, but the demand for skilled professionals in finance, technology, and business is expected to remain strong. Addressing these gaps will be crucial for sustaining economic growth and ensuring that Australia remains competitive in the global market.
