The latest Australian Industry (Ai) Group/Deloitte survey released on Friday showed that the shortage of skilled workers could hamper the country's economic growth, with up to 34.7 percent of business executives affirming that the problem is indeed a high risk business issue.

The report entitled Skill Shortages: A high risk business, which polled 400 executives, also predicted that by 2015 the level of concern for all companies should rise to a high of 47.5 percent.

Ai Group chief executive Heather Ridout said that the shortage of skilled employees could only worsen and eventually threaten the country's economic expansion, as she added that "shortages are intensifying in occupations associated with manufacturing, construction and engineering, which are pivotal to the Australian economy."

Ms Ridout said that such occupations are skills that require a long development lead time and is highly utilised across the economic sectors and its absence could leave the industry at major risks.

However, Gerhard Vorster of Deloitte Consulting Asia Pacific said that businesses must not stand back despite the looming shortages on skilled workers as he urged chief executives to emphasise the necessity "to win the race for talent or risk being overtaken by the competition."

Mr Vorster said that the country's education and training providers are currently in collusion with business to increase the number of skilled employees but while this is on-going, employers must also meet their own demand as he warned that failing "to innovate around processes, systems and working practices are going to face a very bleak future."

The Ai Group report said that businesses were finding it difficult to fill up the following positions: metal fitters and machinists (59.6 per cent unfilled vacancies), engineering professionals (51.7 per cent), metal casting, forging and finishing trades persons (36.7 per cent), structural steel and welding trades workers (32.9 per cent) and business administration managers (36.7 per cent).

It added that executives were calling on the government to play a major role in addressing the skills shortage as they suggested that financial incentives for small businesses could help spur actual job training while tax breaks could encourage further training spending and support trades apprenticeship.