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Women work 56 days extra yearly to earn same as men
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The 25th of August this year is a date that is becoming increasingly important on the calendars on anyone who believes in financial equality.

That’s because that date this year – Equal Pay Day – marked the 56 days into the new financial year that Australian women must work to earn the same, on average, as men did last year, according to the Workplace Gender Equality Agency (WGEA).

And it’s not just because women sometimes work in lower paid or female dominated industries that have pay inequality.Just look at the success of the Women’s World Cup here in Australia recently with the Matildas semi-final becoming the most watched event in television history in this country.

The 2023 Women’s World Cup tournament’s total prize pot was $170m – admittedly triple compared to the 2019 World Cup in France.

It does seem like a lot but when you compare it to the Men’s World Cup in Qatar last year it is chump change, given that total prize pool was $645 million.

Alas, it appears that even if you’re one of the best in your sport, representing your country on the world stage, it does not guarantee you will be rewarded fairly or equally financially if you are female.

Pay gap continues

New ABS data released recently showed Australian women are earning, on average, $13,120 less in their annual base salary, than men each year.

However, according to the WGEA, the new national gender pay gap of 13 per cent is an 0.3 percentage point decrease on figures released in February this year, and indicates that, on average, for every $1 men earn in Australia, women make 87 cents.

The ABS attributes the small reduction to an improvement in the income of women in typically lower paid female-dominated industries such as education and training and health care and social assistance.

In some good news to hopefully help address the gender pay gap, from 2024, the WGEA will publish the pay gap for employers with a workforce of 100 or more employees and the organisation is encouraging employers to conduct a gender pay gap analysis to better understand what’s driving the differential.

What does the gender pay gap actually mean?

There is often some confusion about what the gender pay gap actually means.

Well, according to the WGEA, it is the difference in average earnings between women and men in the workforce.

So, it’s the difference between what men and women earn each year – regardless of their profession or whether they are full- or part-time.

Gender inequality is a lifelong issue that limits women’s earnings and financial freedom from the day they join the workforce, throughout their careers, before financially compromising their retirement.

Plus, the gender pay gap is not to be confused with women and men being paid the same for the same, or comparable, job.

This is equal pay and in Australia it has been a legal requirement since 1969.

Gender pay gaps are not a comparison of like roles. Instead, they show the difference between the average pay of women and men across organisations, industries, and the workforce as a whole.

And it is the persistent nature of the gender pay gap and the inferior financial outcomes for women across the country that continues to drive me to help as many females achieve financial success as I can with property ownership being one of the safest options available.  

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