In 2023 Women in Australia earn an average of $253.50 less per week than men in full-time employment. To help tackle these shocking statistics, as of the 30 March 2023, Parliament passed the Workplace Gender Equality Amendment (Closing the Gender Pay Gap) Bill 2023. Signalling a significant move towards addressing the alarming gender pay gap statistics in the country. <\/p>\n
Despite increased awareness and discussions around the issue, progress toward workplace gender equality in Australia has come to a standstill. With the Australian Bureau of Statistics reporting a record-low gender pay gap of 13.3%. Although the country is still above the OECD\u2019s 11.9% average, in 2023 Women in Australia earn an average of $253.50 less per week than men in full-time employment. This data gathered by Workplace Gender Equality Agency <\/a> (WGEA) revealed that Australian employers may not be taking appropriate measures to tackle the gender pay gap in their organisations. <\/p>\n To help tackle these shocking statistics, as of the 30th of March 2023, Parliament has passed the Workplace Gender Equality Amendment (Closing the Gender Pay Gap) Bill 2023. Signalling a significant move towards addressing the alarming gender pay gap statistics in the country. <\/p>\n \u201cWomen have waited long enough for the pay gap to close, and they shouldn\u2019t have to wait another quarter of a century to see their work equally valued.\u201d – Minister for Finance and Women Katy Gallagher <\/p>\n This new legislation mandates that companies with more than 100 employees must disclose their gender pay gaps, a crucial step in addressing the persistent gender pay gap in the country. This move is expected to fast-track progress towards workplace equality in Australia. The reform will not only require companies to disclose their gender pay gaps but also encourage them to implement workplace policies, practices, and environments that support gender equality. <\/p>\n Minister for Women, Senator the Hon Katy Gallagher said the gender pay gap bill is a critical step to achieving women\u2019s economic equality. <\/p>\n \u00a0 <\/p>\n Under the new legislation, Australian companies will be required to publicly disclose their gender pay gaps on a yearly basis, a step beyond the current requirement of reporting to the Workplace Gender Equality Agency. While the agency has collected data on the gender pay gap in the past, it has not been authorised to publish it until now. <\/p>\n The International Labour Organisation estimates that globally, women are paid approximately 20% less than men. Despite ranking 43rd on the Global Gender Gap Index, Australia still faces a significant gender pay gap, with women earning an average of A$26,596 less than men per year, including bonuses and other financial incentives, according to the WGEA. The World Economic Forum projected that it would take 132 years to close the global gender pay gap, as reported last year. <\/p>\n The passing of the Workplace Gender Equality Amendment (Closing the Gender Pay Gap) Bill 2023 in Australia follows the successful implementation of similar policies in the UK and European Union. These policies have shown that disclosing employer gender pay gaps can drive companies to prioritise gender equality, resulting in lower pay gaps. In the UK, employers were found to have substantially reduced the wage gap between men and women after the public disclosure of gender pay gaps. The new legislation in Australia requires the WGEA to publish employer gender pay gaps on a yearly basis, as well as the national, industry, and occupational levels. <\/p>\n The initial release of employer gender pay gaps, set for early 2024, will only include median and remuneration quartile data. In subsequent reporting periods, once CEO remuneration data can be included, WGEA will publish employer gender pay gaps using mean, median, and remuneration quartiles. <\/p>\n To disclose your company’s gender pay gap information, you will be required to annually report the following steps: <\/p>\n\n