Date issued: 14 October 2008

The increasing global financial volatility means it is more important than ever for Australia to develop international markets for its professional services, according to CPA Australia.

'Exporting professional services to emerging markets such as China, Thailand and Vietnam will help insulate Australia against the current global economic downturn,' said CPA Australia's international development director Paul Wappett.

'Australia's service exports reached $48 billion - 22 per cent of total exports - in 2007 with the potential for further growth in these emerging economies,' Mr Wappett said.

'There is an increasingly urgent demand in these developing economies for accountants who are more than just bean counters. By that I mean high-quality accounting professionals who have a thorough understanding of ethics, governance and strategic performance management.

'This is particularly important in the current economic climate and for developing nations which rely heavily on foreign direct investment to spur their economic growth. The owners of foreign capital need to be confident they are investing in a stable environment. Having a strong, ethical and independent accounting profession is an important element in developing the financial and business infrastructure of new markets.

'The accounting profession is as important to an economy's infrastructure as road, rails and ports because it underpins the capital market which drives direct foreign investment.

'Australia's good education system and sophisticated economy in keeping with its OECD status is perfectly positioned to produce the skills in professional services to help drive regional and global economic growth. 

'Accounting, finance, business and legal professionals all have a crucial role to play in the current economic climate.'

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