Powered by momentummedia
nestegg logo
Powered by momentummedia
nestegg logo
nestegg logo

Invest

Predictions: When equal pay will be a reality in Australia

By Reporter · March 08 2019
Reading:
egg
egg
egg

Invest

Predictions: When equal pay will be a reality in Australia

By Reporter
March 08 2019
Reading:
egg
egg
egg
Calendar

Predictions: When equal pay will be a reality in Australia

author image
By Reporter · March 08 2019
Reading:
egg
egg
egg
Calendar

In commemoration of International Women's Day this week, data has been released which tracks the history and progress of the gender pay gap in Australia - and predicts when pay parity will be a reality. 

 Metrics measuring the economic progress of women in Australia hit record numbers in the March 2019 quarter. Still, equality is unlikely until 2031 at current rates of growth.

The Women’s Index rose 1.9 points to 122.7 points in the March quarter, up from a revised 120.8 points in December 2018.

“The result reflects the fastest pace of women’s quarterly progress in two years, helped by record female full-time employment, workforce participation, improved educational enrolments and earnings growth relative to men as reflected in a record low of the gender pay gap,” said Financy, the company behind the Women’s Index.

Persistent problem areas in Australia which drag the index down include female representation on boards. The number of women occupying ASX 200 board positions rose to 29.7% in February after a dip to 29.6% in January.

The superannuation savings gap between men and women in retirement is also a major barrier. The average account balance for women is 34% less than that of the average man.

The sectors that recorded the biggest drop in their gender pay gaps in the March quarter are male-dominated and include construction and transport, postal and warehousing. They experienced respective declines of 2.6 percentage points to 12.5% and 2.1 percentage points to 15.7%.

Financial and insurance services and health care and social assistance, which is the most female dominated, continue to be the worst performing industries for the gender pay gap. They rose by 0.2 percentage points to 26.9% and 0.8 percentage points to 25.8% respectively in November.

“The financial sector holds the unenviable title of the least equitable for its mean pay gap of 26.9%,” said national chair of the Asssociation of Financial Adviser’s ‘Inspire’ group, Kate McCallum.

“This is not a woman’s problem. This is a system problem. There are inherited systems and structures in financial organisations that simply don’t support women to thrive,” she said.

"Most companies acknowledge this and are already doing some great stuff. The challenge is, we’ve been trying to eliminate the pay gap for years and it’s not budging. It’s time for bold moves,” she said.

 

Predictions: When equal pay will be a reality in Australia
Calendar
nestegg logo
Advertisement

Advertisement
Advertisement
Forward this article to a friend. Follow us on Linkedin. Join us on Facebook. Find us on Twitter for the latest updates
Rate the article

Join the nestegg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

Join The Nest Egg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

more on this topic

Investors seek ETFs

Investors seek ETFs during COVID-19 pandemic

ASX stockboard

Retail investors playing ‘particularly dangerous’ game

Why investors should remain in the market

Why investors should remain in the market

Coronavirus a collective wake-up call for ESG investors

Coronavirus a ‘collective wake-up call’ for ESG investors

US flag

US businesses to survive 3 months due to health pandemic

Peter Costello

Sovereign wealth fund declines in March quarter

most viewed

Aussies puppy scammed

Scams

Puppy love sees Aussies scammed almost $300k

The quicker and cheaper way to finalise a divorce

Expenses

The quicker and cheaper way to finalise a divorce

CommSec urges investor caution

Shares

CommSec urges investor caution

parliament house

Economy

‘Reporting error’ sees $60bn slashed from JobKeeper

Listen to

Robo tech ETFs

What the heck is with robots and tech - ETFs explained

More podcasts

bryan ashenden david stratford super spot superannuation

Find super’s sweet spot

Why we’ll keep delivering for our communities in the face of COVID-19

alex

As Australia tries to keep pace with a rapidly changing business and social landscape in the wake of COVID-19, Momentum Media is leading the way delivering essential content to our communities, writes Alex Whitlock, director of Nest Egg.

Read more

more on this topic

From the web

Recommended by Spike Native Network

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.