On Friday, treasurer Chris Bowen and minister for finance and deregulation Penny Wong provided an updated economic statement, which included a one-year deferment in the implementation of the cap, to 1 July 2015.
“The IPA, like many professional associations, has been advocating for the government to reverse its intention to restrict investment in ongoing education,” IPA chief executive Andrew Conway said in a statement.
“Deferment still means that bad policy is being considered,” he said.
“While further consultation time is welcomed, there is an evident need to reassure Australians partaking in ongoing education and skills maintenance.
“For the accounting profession, the need to keep up to date is paramount, with accountants required to do on average 40 hours of ongoing study per year."
Mr Conway added that the increasing mobility of professionals within Asia meant Australian graduates are having to compete with Chinese counterparts “in staggering numbers”.
“We are calling on the government to provide certainty instead of this nonsensical policy that reinforces a goal of mediocrity at a time when Australia’s competitiveness needs to be strengthened,” Mr Conway concluded.
