An industry body looking after the interests of veterinarians says vacancies have doubled over the last five years.
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A co-director of the Lincoln Institute Gary Turnbull says a recent survey also indicated that it was taking almost double the time to fill those vacancies for the same period.
Dr Turnbull owns the East Port Veterinary Hospital and says the industry faces "some real problems".
"From the data we have accumulated, it appears that this slide has been significant over the last five years," he said.
"A Lincoln Institute steering committee is looking into the survey and includes major stakeholders, veterinarian associations, universities, vet practice owners and industry leaders.
"We needed to look at and understand what the complex issues and drivers are within the industry.
"The biggest thing to recognise is that this is not about a lack of graduates, it is about an alarming rate of attrition of qualifying people remaining in the industry after five or six years.
"There are also a variety of issues to be addressed."
Dr Turnbull said a survey of the industry was used to understand the current reality.
He said there was now an understanding that any solutions would be a medium to long term process.
"We need to look at better selection of people best suited to the industry and even better preparing undergraduates and recent graduates to the rigours of vet practice work," he said.
Improving the financial benefits of vets and vet practices would also ease the issues.
They are just not paid enough.
- Dr Gary Turnbull
"They are not just paid enough," Dr Turnbull said.
"A veterinarian is about the lowest paid profession in existence - after a five or six year degree your base wage is around $55,000.
"It is one of the most rigorous academic courses in existence.
"And this is one of the challenges: the public perception is that veterinarians over-charge."
Dr Turnbull described those working within the industry as empathetic and compassionate.
He said "another incredible drain" was providing mandatory after hours services which had a huge impact on work life balance.
He said the after hours issue was particularly tougher on regional and rural vets who were also likely to be heavily involved in primary industry aspects of the profession.
Other concerns included a rate of suicide four times higher when compared with the general population and double that of doctors, dentists, pharmacists and nurses.
Dr Turnbull said the Lincoln Institute would soon lobby government to consider enabling easier access to appropriately trained foreign vets.
He said the issues affecting Australian veterinarians were common to New Zealand, Canada and the United Kingdom.
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