For individuals and society as a whole, gender equality is a matter of fairness and equity. Opportunities in life should not be determined by gender.
Closing the gap: improving Australia’s economy
There is a large body of research that highlights how encouraging more women into paid work, as well as closing the gender pay gap, will contribute to our economy.
- If the gender pay gap was reduced by just 1 percentage point, from 17% to 16%, Australia’s GDP would grow by 0.5%
- The gender pay gap of 17% between working women and men costs the Australian economy $93 billion each year, equivalent to 8.5% of GDP.
- If the impact on the gender pay gap from discrimination and other unknown factors to do with being a woman were removed, the resulting increase in Australian women’s wages would add $56 billion or 5.1% to total annual GDP.
- Introducing more flexible working arrangements could reduce the gap between men’s and women’s earnings and potentially increase GDP by up to 9%. This is because such a change should make it possible for women to spend less time out of paid work despite their caring responsibilities.