Addressing Gender Inequality
Despite various efforts to close the gender pay gap, disparities persist in Australia. We delve into the current state of the gender pay gap in Australia, drawing on insights from Natalie Flynn, CEO of Equidi and our first Australian FPI partner. Together, we are committed to making significant strides towards achieving gender equity.
The Global Context
The World Economic Forum’s 2024 projections indicate that the global gender gap won’t close until 2158, a staggering 134 years from now. The United Nations has identified Gender Equity as the fifth of the 17 key sustainability goals requiring immediate global action. These statistics highlight the urgent need for continued efforts to address gender inequality worldwide. We need to pick up speed and we can be so much faster.
Australia’s Gender Pay Gap
In Australia, the gender pay gap is a pressing issue. Here are some key statistics that illustrate the extent of the problem:
- National Pay Gap: Women earn only 78 cents for every dollar earned by men.
- Superannuation Balances (retirement savings): The median superannuation balance for women aged 55-64 is $168,000, compared to $283,000 for men.
- Experiences of Harassment and Violence: One in two women have experienced sexual harassment during their lifetime, and one in three have experienced physical or sexual violence since the age of fifteen.
- Unpaid Domestic Work: Women spend 53% of their total work time on unpaid domestic work, compared to 61% for men.
Stakeholders’ Viewpoints
The topic of gender pay gaps in Australia has gained significant media attention and has become a mainstream issue. The media has adopted a “name and shame” approach to highlight large pay gaps. Organizational responses vary, with some positively embracing transparency and taking action, while others criticize the reporting methodology, claiming it unfairly represents them. The public is now more aware of the issue, showing genuine interest in accessing pay gap information and understanding the drivers behind the pay gap.
Our Partnership and Ambitions
The partnership between FPI and Equidi is a powerful alliance aimed at achieving Fair Pay in Australia. Together, we are committed to leveraging data, transparency, and innovative solutions to drive meaningful change. Our joint efforts are focused on empowering organisations to take proactive steps towards gender equity, ensuring that every employee is fairly compensated for their work.
We can only be optimistic!
The gender pay gap in Australia is a complex issue that requires concerted efforts from all sectors of society. Partnerships like the one between Equidi and FPI are crucial in addressing this challenge.
By working together towards the common goal of closing pay gaps and ensuring Fair Pay for every person, we can make significant progress. This issue must be a priority in Australia, and we are confident that our team, which is already making a difference in Australia, will take the necessary actions to ensure that every employee receives Fair Pay.