Marching forward

It will take 134 years to achieve full gender parity, according to the World Economic Forum. Women’s global labour force participation rate stands at 48.7 per cent, far below the 73.0 per cent rate for men. This is a significant gap, highlighting the considerable barriers women face in accessing employment, often driven by societal expectations, gender norms, and stereotypes that position women as caregivers and men as breadwinners.

Disparities have been shrinking over the last few decades. Australia now ranks 24^th in the Global Gender Gap Index, up from 43^rd in 2022. But progress has been slow and challenges remain.

Gender equality is an economic issue. One study suggests dismantling restrictive gender norms could generate a $A128 billion return each year for the Australian economy.

Research shows that gender-diverse organisations perform better, generate higher profits, make better decisions and enjoy greater customer satisfaction. Achieving gender balance boosts economic potential. Collaboration enriches society, fosters innovation and benefits everyone.

Work to do

The gender-pay gap remains problematic, with women earning on average 13.6 per cent less than men for equivalent work, according to WGEA. Over a lifetime of employment, that is a significant loss of wealth.

Workforce participation for women is at a record high, as is women’s employment-to-population ratio. Total hours worked grew faster among women than among men. But employment growth for women in Australia in 2024 was lower than for men; and underemployment among women, although below pre-COVID levels, remains higher than for men.

Women still account for around 66 per cent of part-time employment, despite recent growth in part-time employment among men. Exclusion from leadership and workplace barriers limits the ability of women to reach and deliver to their potential.

Although women make up nearly half of Australia's workforce, they are underrepresented in high-paying, high-status professions such as engineering and technology. But there has been some improvement. The proportion of women on the boards of ASX 200 companies has steadily increased, reaching 38.5 per cent in 2024, up from around 10 per cent a decade ago.

Legislative measures like the Workplace Gender Equality Act 2012 and advocacy for gender quotas on corporate boards have driven change and increased transparency over gender pay discrepancies.

We must continue this and address all stages of women’s working lives: removing barriers to entry; making parental leave more accessible and flexible for men and women and childcare more affordable; and retaining experienced women by changing attitudes to menopause.

Complexities

Australia's diversity means women's experiences are also shaped by race, culture, socioeconomic status and disability. Women of colour, indigenous women and women with disabilities face compounded barriers, underscoring the necessity for inclusive progress for all women.

These complexities need to be better understood and responded to in ways that fully utilise people’s strengths. The National Aboriginal and Torres Strait Islander Women's Alliance, for instance, plays a crucial role in amplifying the voices of Indigenous women in Australia.

Everyone plays a role in advocating for change and building supportive environments. Every level of an organisation, from contractors to executives, can drive change. Mutual support, a culture of shared responsibility and open dialogue help dismantle stereotypes. We can all alter our behaviour to challenge direct and indirect discrimination and unconscious bias. These are goals for everyone.

Australians have shown resilience and courage in the fight for equality, from the early suffrage movement of the 1900s to modern movements like March4Justice. Women now occupy senior positions in politics, business, defence, public service and the arts. In 2010, Australia saw its first female Prime Minister, just over 110 years after Edith Cowan made her mark as the first woman elected to an Australian parliament.

As we observe International Women's Day, it is important to recognise the advancements made by so many tenacious and talented women, while acknowledging the work still required to create an environment where all women are able to thrive.

Mahjabeen Zaman is Head of FX Research at ANZ