Invest
Seen but not heard: The budget from a woman’s perspective
While the country continues to fight its war against COVID, women are fighting their own war – to be heard, seen, protected, respected, and get a fair deal financially. The last budget was silent for women, and so the consequences got louder. How does this budget measure up?
Seen but not heard: The budget from a woman’s perspective
While the country continues to fight its war against COVID, women are fighting their own war – to be heard, seen, protected, respected, and get a fair deal financially. The last budget was silent for women, and so the consequences got louder. How does this budget measure up?
Right now, I’m reminded of the world wars – to keep the country going, women were all hands on deck, in factories, businesses, nursing, all whilst raising children while men fought on the frontline. With shrinking unemployment and negative overseas migration there is a fresh opportunity for women to get through those closed doors. Sectors are struggling to find employees i.e. retail, hospitality, aged care, child care, admin, roles predominantly occupied by women but there were disincentives – no superannuation if you earn under $450/month, childcare costs, travel times, lack of traineeships, flexibility.
Training schemes and infrastructure may help with the commute. The removal of the superannuation threshold may risk employers terminating if they find the cost of super too much for their bottom line, or say that super is included in your hourly rate and therefore the take home pay becomes less and the balance is trapped in superannuation.
I believe childcare should be free for any women working as an incentive to work and not a financial deterrent the budget didn’t quite hit the mark. The cap is better for higher income workers, but no real benefit for those with only one child which doesn’t help those returning to work or single parents with one child on low salaries. You will still have to wait a year due to “systems” and an election, but we could make JobKeeper and $900 for a TV during the GFC, move fast. Perhaps think bigger – nannies and au pairs tax deductible, generally a female role allowing them to work with flexible hours and help support the return to work. Clearly, it is a marathon, not a sprint.
We have also started to deal with what I call “Career Choice Gap” (CCG) i.e. careers women choose are generally those paid well below the average salary, and/or women choosing roles they’d prefer not to do, for financial reasons, or childcare costs. This budget looks to incentivise nurses but what about other roles? The rebate of $1,080 may help with some gender pay gap, CCG or lack of wage growth but with cost of living always rising, it isn’t life-changing and will cease.
Aged care changes may assist the sandwich generation issue for women who are trying to look after parents, parents-in-law, grandparents and children, whilst working, maintaining a household and their mental health. While the details are light, more is likely to be needed. The long-term issues are mental health, family breakdowns, low superannuation, or long term unemployment, which fall into other areas the budget is having to supplement.
Money is being allocated to the other pandemic that has been swept under the carpet for decades – violence against women. Whilst helping women “get out” is vital, “prevention is better than cure” and what guarantees do women have? Like all things the devil is in the detail. The 2 per cent deposit for a home, for which the government will guarantee the other 18 per cent deposit, is limited to 10,000 women, only those with dependent children and earn below $125,000, who can fund the ongoing payments. So, while this is a fantastic start and these women need help urgently, I doubt 10,000 would be enough for this pandemic. It also doesn’t help the 55-60 year old women who flee DV situations who don’t have children, don’t have independent income. This is how women end up homeless or forced to stay.
Some argue it’s just about getting the women’s vote at the next election. I’m happy if trying to get the women’s vote means they finally put policies in place for women and great that women have finally been seen, but perhaps not fully heard.
Helen Baker is a licensed Australian financial adviser.
RELATED ARTICLES
About the author
About the author
Economy
Economist calls for July RBA rate cut following inflation data
An economist from State Street Global Advisors has called for the Reserve Bank of Australia to cut interest rates in July following today's Consumer Price Index data for June. Read more
Economy
GDP data prompts economist to predict faster RBA rate cuts
Australia's latest GDP growth data has come in significantly below expectations, prompting an economist to suggest the Reserve Bank may need to ease monetary policy more aggressively. Read more
Economy
Global markets face turbulent start amid tariff concerns, but outlook remains cautious
Global equity and bond markets have experienced a turbulent start to 2025, primarily due to concerns that a potential tariff-driven trade war could heighten inflation and recession risks. Read more
Economy
RBA may cut rates faster if GDP data disappoints, economists say
The Reserve Bank of Australia may cut interest rates more quickly if next week's GDP data disappoints, economists said following today's consumer price index data for May. Read more
Economy
RBA delivers widely expected rate cut as inflation optimism balances global uncertainty
The Reserve Bank of Australia has cut the cash rate by 25 basis points, delivering on widespread market expectations while signalling a clearer directional shift towards less restrictive monetary ...Read more
Economy
Economist warns strong jobs data may delay further RBA rate cuts
Strong employment growth in April has put expectations for multiple interest rate cuts at risk, though upcoming economic data may clarify the need for lower rates, according to State Street Global ...Read more
Economy
Australian inflation continues downward trend, nearing RBA target
The Australian Bureau of Statistics (ABS) has reported that the Consumer Price Index (CPI) rose 2.7 per cent in the year to August, down from 3.5 per cent in July and 3.8 per cent in June. Read more
Economy
UK markets poised for gains after election, global geopolitical risks remain
Chris Iggo, Chief Investment Officer at AXA Investment Managers, has provided an optimistic outlook for UK markets following the recent general election, while cautioning about ongoing global ...Read more
Economy
Economist calls for July RBA rate cut following inflation data
An economist from State Street Global Advisors has called for the Reserve Bank of Australia to cut interest rates in July following today's Consumer Price Index data for June. Read more
Economy
GDP data prompts economist to predict faster RBA rate cuts
Australia's latest GDP growth data has come in significantly below expectations, prompting an economist to suggest the Reserve Bank may need to ease monetary policy more aggressively. Read more
Economy
Global markets face turbulent start amid tariff concerns, but outlook remains cautious
Global equity and bond markets have experienced a turbulent start to 2025, primarily due to concerns that a potential tariff-driven trade war could heighten inflation and recession risks. Read more
Economy
RBA may cut rates faster if GDP data disappoints, economists say
The Reserve Bank of Australia may cut interest rates more quickly if next week's GDP data disappoints, economists said following today's consumer price index data for May. Read more
Economy
RBA delivers widely expected rate cut as inflation optimism balances global uncertainty
The Reserve Bank of Australia has cut the cash rate by 25 basis points, delivering on widespread market expectations while signalling a clearer directional shift towards less restrictive monetary ...Read more
Economy
Economist warns strong jobs data may delay further RBA rate cuts
Strong employment growth in April has put expectations for multiple interest rate cuts at risk, though upcoming economic data may clarify the need for lower rates, according to State Street Global ...Read more
Economy
Australian inflation continues downward trend, nearing RBA target
The Australian Bureau of Statistics (ABS) has reported that the Consumer Price Index (CPI) rose 2.7 per cent in the year to August, down from 3.5 per cent in July and 3.8 per cent in June. Read more
Economy
UK markets poised for gains after election, global geopolitical risks remain
Chris Iggo, Chief Investment Officer at AXA Investment Managers, has provided an optimistic outlook for UK markets following the recent general election, while cautioning about ongoing global ...Read more
