Insights from the Australian Veterinary Workforce Survey: Education and Debt in Veterinary Professionals

The Australian Veterinary Association (AVA) recently released the findings from the 2023/24 Veterinary Workforce survey, and for the first time collected and included data on student debt. 

The findings have revealed student debt among veterinarians has been increasing over time, with 62.4% of respondents saying they graduated with debt.

The median student debt figure is currently at $82,640. The rise is likely due to the changing government policy on university fees through the 1970s and 1980s, and then ongoing rises in higher education contributions by commonwealth funded students and increasing fees for full fee paying students. 

This growth in debt has outpaced the Consumer Price Index (CPI), underscoring the financial pressures faced by new veterinarians.   

Recent graduate and AVA member Dr Lorna Undy believes the workforce survey is crucial in communicating the struggle new vets are going through, and for someone whose debt is well above the median figure, it’s a burden she says won’t be alleviated any time soon.  

“During my studies I lived with a constant financial pressure that was alleviated only by the part time work I committed to,” she said. “Between study and work to support myself on rotations and placements, there was very little time or resources to spend on things like healthcare and building good mental health practices. 

“Since graduating my quality of life has significantly improved as I now earn a living wage and can regularly attend the doctor and dentist. I do however have a six figure HELP debt that means my ability to save and plan for the future is limited in ways that other professionals are not. At my current rate of repayment on my debt, I won't be free of it before I reach retirement age.   

“Working as I do in a regional area I see the need for veterinarians, but unfortunately I can completely understand my colleagues who have left regional jobs to pursue more lucrative financial opportunities in their first years as a practitioner. For some people it was the only way they could stay ahead.” 

Of those surveyed, the majority graduated from an Australian university (90.7%) and just over half (55.3%) of respondents were practicing in the same state as the university they graduated from. 

Female veterinarians reported a median debt of $56,000, while their male counterparts had a median debt of $39,000. With younger veterinarians more likely to be female, this disparity is more reflective of the time that veterinarians were studying than any gender bias. When looking at debt levels across different graduation years, no significant differences were seen between genders. 

Among those who reported a debt at graduation, nearly half (49.9%) are still in the process of repayment.  

The report results reinforce the AVA’s advocacy priorities, and we remain committed to supporting veterinarians through ongoing research, advocacy, and policy development. We thank all respondents for their contributions to this important study.