The Albanese Labor Government will introduce new legislation to Parliament today in a bid to help close the gender pay gap.
The bill will publish gender pay gaps of employers with 100 or more workers.
Minister for Women, Senator the Hon Katy Gallagher said that global experience has shown this transparency encourages organisations to take action to close the gender pay gap in their workplace.
“On average, women working full-time can expect to earn 14.1 per cent less than men per week in their pay packets,” said Gallagher.
“The gender pay gap is also holding our economy back with $51.8 billion a year lost when it comes to women’s pay.”
“The bill will also reduce red tape for businesses making it easier to report”, Gallagher adds.
The Workplace Gender Equality Amendment (Closing the Gender Pay Gap) Bill 2023 will be introduced today as it delivers on Labor’s election commitment to close the workplace gender pay gap.
Drawing on data already provided by employers, reporting will commence in 2024 and companies’ gender pay gaps will be published on the Workplace Gender Equality Agency website.
The new reform was recommended by the 2021 Review of the Workplace Gender Equality Act 2012.
Current projections show it will take another 26 years to close the gender pay gap, Gallagher said.
“Women have waited long enough for the pay gap to close– let’s not wait another quarter of a century.”