Financial gender equality sees strongest growth in | Australian Markets

Monetary gender equality in Australia has skilled its strongest annual growth since December 2021, with the 2024 determine helped forward by progress in three sub-indexes.

A report quantity of ladies on
ASX 200 boards, a bridging of the gender hole in Unpaid Work, and growth in feminine employment to achieve its highest since June 2023 noticed the Financy Girls’s Index (FWX) rating soar to 77.59 factors in December 2024 from 76.83 factors in December 2023.

“The Financy Women’s Index showed further progress towards financial equality for women in Australia, but we have a lot further to go – particularly in areas like education and unpaid work,” Dr Shane Oliver, chief economist at AMP and FWX Advisory Committee member, mentioned.

“It’s important that the end result of the upcoming Federal election maintains this progress and doesn’t see a backsliding in versatile working preparations which dangers making it more durable for ladies to take part totally within the workforce.

“Making it harder for women to participate in the workforce would likely mean less female labour market participation which could mean lower economic activity than would otherwise be the case and a risk of higher inflation flowing from the smaller labour force. It could also threaten the economy’s ability to respond to the pressures of an aging population which will mean more consumers for each worker.”

Bianca Hartge-Hazelman, creator of the Financy Girls’s Index, mentioned the trigger for gender equality actually gained momentum after the Office Gender Equality Act got here into impact in 2012 and the Me Too motion kicked off in 2018.

“The current pace of progress in gender equality depends on consistent policy support and corporate commitment,” she mentioned.

“We’ve seen over the previous 20 years how political shifts can affect outcomes, and the upcoming election will probably be important in figuring out the trajectory for years to return.

“However challenges remain, with persistent cost of living pressures, a looming Federal Election, proposals to unwind flexible work in the public sector, and the re-election of US President Donald Trump. These factors – particularly Trump’s attack on Diversity, Equity and Inclusion – mean there is greater uncertainty and concern about the outlook for gender equality.”

The FWX Employment sub-index elevated by one level to 73.6 factors in December 2024; the FWX Unpaid Work sub-index grew by two factors to 69.8 factors after the latest Family, Revenue and Labour Dynamics in Australia (HILDA) Survey release indicated some progress; and the FWX Gender Pay Hole sub-index registered solely 0.1 level growth to 88.1 factors, after the national gender pay hole broadened to 11.9 per cent on account of males’s wages growth on the finish of the 12 months.