Taking action on gender inequity could create a $111 billion windfall for Australia, according to a new report released by the Australian Council of Trade Unions (ACTU).
In its Delivering Respect For Women At Work report, released ahead of this week’s Jobs Summit, the ACTU said Australia’s gender workforce participation and pay gaps were costing the nation.
The report said 893,000 more women would participate in the workforce if they were able to participate at the same rate as men, while a national gender pay gap of 14.1% costs women $472 per week.
If these gender gaps were halved, $111 billion in additional national income would be generated.
Unequal caring responsibilities, undervaluing work typically performed by women and discrimination and harassment at work were identified as key drivers of gender inequity.
The report also highlighted Australia’s worsening standing compared to other nations with the country plummeting in the global gender gap index from 15th position in 2006 to 43rd position in 2022.