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election result for women

What will the election results mean for women?

The election result is in, and we’re glad it’s over!

I don’t know about you, but at myself and the Adviseable team are very pleased that the election results are in and Federal Election is now over!

While the impact on property markets didn’t seem to be as pronounced as during previous campaigns, the endless policy launches and general “one-up-man-ship” does get a little tiresome as the weeks drag on.

Most polls had pointed to a change in government – although they did last time, too, and were wrong – but generally speaking I don’t think many people are surprised that our PM is now an Albo rather than a ScoMo.

However, one of the biggest talking points from the election results surely has to be the success of female independent candidates in the inner-city electorates of Sydney and Melbourne.

So successful were they that they usurped a number of sitting MPs, including the former Federal Treasurer Josh Frydenberg. 

The election results that included more female representation

While I’m not a big fan of the term “teal” to describe such a spectacularly successful cohort of professional women, who are now MPs and Senators, there is no question that they have changed female representation in parliament – hopefully forever.

At the time of writing there were still a few seats to be finalised, but according to the ABC, there has been a 30 per cent increase in the number of female MPs in the House of Representatives or lower house from this election.

There will be at least 59 women out of the 151 seats, which means females will represent about 39 pe cent of the lower house – up from 31.7 per cent in the previous parliament. 

However, Labor has also seen its female MPs increase from 29 to 36 following the election results, plus female representation on the crossbench has tripled from just three to 11 (most of whom are teal independents).

In other great news, women will hold at least 39 of the 76 seats in the Senate or the lower house – with increases in female Senators across all the major political parties recorded.

In total, this means that about 41 per cent of all seats across both houses will be held by women – the highest on record!

women talking

On target for financial equality for women

This is not the place to debate about why these election results have come to pass, however, it is surely a sign that the political arena is no longer a “boys club”.

Of course, having more female representation in the halls of power should be a positive for all women, with equality one of the key policy platforms for many of the independent candidates. 

As I have been saying for quite some time, the differing financial outcomes for men and women have not improved significantly over the decades, perhaps because women didn’t have enough of a voice in the sort of places that matter.

Policies that help address the financial inequality between genders are a good place to start, with housing affordability schemes such as the Family Home Guarantee designed to help single parents achieve home ownership.

However, it would be wonderful if more thought, and action, was given to addressing the inequitable superannuation balances between women and men at retirement, which is usually due to women taking time out of the workforce to raise children or working part-time while their offspring remain in school.

As is mentioned in The Female Investor – Creating Wealth, Security, & Freedom Through Property, a female’s superannuation balance starts to stagnate from their late 20s, while a male’s continues to grow year after year.

Even when a woman does return to the workforce, she is unlikely to ever claw back the financial “losses” she has accrued because she simply had children.

Of course, so did her partner have children, too, but it is usually not their superannuation that will have to pay the financial consequence of that decision to jointly procreate.

That said, with more female representation in parliament than ever before in this country, I do feel optimistic that these gender-based financial imbalances may finally start to be addressed.

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