With the increasing pressure of inflation and the cost of living crisis, closing the gender pay gap has never been more important in 2023, especially on International Women's Day.
The average difference between the remuneration for men and women working, remains as a major component in women’s inequality, and here’s why.
New studies shown by the Australian Bureau of Statistics in November of 2022, suggests, on average, Australian women now earn 87 cents for every $1 earned by a man.
Women’s average weekly full-time earnings across all industries and occupations now sits at $1,656.60, $253.50 less than the $1,907.10 earned by Australian men. Hence, a pay gap of $13.3%.
These statistics raised particular concern for Sydney University's Gender, Work and Employment Relations Professor, Rae Cooper.
“Women are already behind the wages eight-ball, with a man's work becoming more stable, secure and higher paid. On top of that, inflation poses a real challenge,” she said.
“That extra $253.50 can benefit a large group of women in meeting bills, mortgage repayments or additional contributions to superannuation funds for retirement.”
The total remuneration gender pay gap is consistently 5% greater than the gender pay gap for base salaries alone.
"We need to be looking at better valuing women‘s work in order for them to be able to have the spending power that men have.”