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Record low unemployment, but the gender pay gap remains
gender pay gap

The official unemployment rate remained at a record low of 3.5 per cent in December, according to official data – the lowest rate for some 50 years!

So, we have record low unemployment and a drastic skills shortage, but it appears that these factors are not improving the gender pay gap at all – indeed it has come to a halt.

In fact, according to the Workplace Gender Equality Agency (WGEA), progress to close the gender pay gap between Australian women and men has stalled for the first time in 2022.

The gender pay gap during the 2022 financial year stalled at 22.8 per cent according to WGEA’s annual gender equality dataset. This meant that women earned on average $26,596 less than men in that year.

The WGEA 2021-22 Employer Census also found that although the number of female CEOs has risen slightly from last year, still only 22 per cent of CEOs are women. Plus, men are more likely to hold managerial positions, even in female-dominated industries such as healthcare and education. Sigh.

These metrics are despite research showing that profitability and productivity increase under women’s leadership. 

Since 2014, the number of boards without women has dropped from 37 per cent to 22 per cent, but a staggering 72 per cent of boards are still comprised of a significant majority (more than 60 per cent) of men. Less than one per cent of boards comprise only women.The WGEA Employer Census finds that more employers are offering paid primary carers leave than last year (62 per cent, compared to 60 per cent in 2021), with 92 per cent of those offering it equally to women and men.

Sobering but opportunity exists

While these sorts of statistics make for sobering reading, at least we are having open and honest discussions about the poorer financial outsets for women during their working lives and certainly into retirement.

As you probably know by now, I co-authored The Female Investor: Creating Wealth, Security & Freedom last year to help remedy this very situation.

Our book was written by women for women to help educate them on how to create a better financial future for themselves by using property ownership as the low-risk vehicle.

Plus, The Female Investor is very different to most property books on the shelves, because not only was it written by two women, but it also doesn’t promote one

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