Thursday October 12, 2017: The Financy Women’s Index, powered by Data Digger improved 0.7 percentage points to 109.9 points in the three months to June 30, 2017. The result builds on the inaugural December Index as the number of women working full time surpassed 3 million for the first time on record, whilst the number of men in full-time work has flatlined at 5.2 million.
• Australian women have reason to feel more optimistic about their economic progress, but more work is needed to sustain momentum,
• The Financy Women’s Index improved in the June quarter to 109.9 points, building on the inaugural December report of 109.1 points.
• Job gains in full-time work participation boosted the Index as the number of women in full-time employment exceeded three million for the first time on record.
• At the end of June, the female participation rate on a seasonally adjusted basis was 59.7%, a record.
• The gender pay gap narrowed to 15.3% as female wages rose.
• The pace of progress in female board appointments in the top 20 companies remains steady at 31%.
• A record number of women are also undertaking tertiary education with 52% of female student enrolments compared to 48% of male enrolments.
AMP Capital chief economist Dr Shane Oliver added that if momentum continues and we see a 10% lift in female full-time work participation rates in line with male participation rates, it could lift Gross Domestic Product (GDP) by as much as 8%. This equates to an estimated $147 billion boost to the economy.
Speaking to ABC Lateline about the Financy Women’s Index, Jennifer Westacott chief executive of the Business Council of Australia said not enough progress is being made to improve female board representation.
“I understand why people say well maybe we need to go to a quota system. The difficulty I have got with that is we are not doing the work on the pipeline. “We are not bringing women through into senior management positions so their natural next step is onto a board or chief executive position.”
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