Cassandra Fernando (Holt, Australian Labor Party) Share this | Hansard source

Since assuming office in 2022, the Australian Labor Party has championed women's economic empowerment as a fundamental pillar of our national agenda. For the first time in our nation's history, we boast a majority-women federal Labor caucus, with a record number of women occupying seats in cabinet. This milestone isn't just symbolic; it's transformative. Having women in positions of leadership isn't just about representation; it's about driving tangible change.

This can be seen by the legislative actions undertaken by the Minister for Finance and Minister for Women, Katy Gallagher, who in March 2023 signed into legislation a law which made it mandatory for companies to release their gender pay data. This marks a systemic shift in how we measure and address gender parity in the workforce. This year, that data was released by the Workplace Gender Equality Agency. For far too long, gender pay gaps have silently existed, hindering women's full participation in the economy.

The unveiling of this data reveals a stark reality. Across all sectors, half of employers show a gender pay gap exceeding nine per cent, with some of the largest entities recording discrepancies of over 40 per cent. The public naming and shaming of companies with significant gender pay gaps serves as a powerful incentive for change, compelling companies to confront and rectify gender pay disparities head on. The average national gender pay gap still stands at 12 per cent, translating to women earning $252 less per week than their male counterparts. Even though this is the lowest gap in history, we need to recognise that these aren't just numbers. They represent the lived experiences of millions of women across our nation.

Through successive budgets, Labor has made significant investments to boost support for women in various aspects of life. Through increased child care funding, extended paid parental leave, enhancing women's safety measures and advocating for equitable wages, we have seen more women join the workforce than ever before. This has meant 60.4 per cent of women over 15 are now in the workforce, up from 59.9 per cent in 2023. By prioritising gender-sensitive policies, we not only advance the economic interests of women but also foster a more inclusive and equitable society for all.

For instance, Labor's cost-of-living tax cuts will directly benefit 90 per cent of taxpaying women, putting more money back into their pockets. The expansion of superannuation to paid parental leave will also help close the retirement wealth gap between women and men. With women taking time off to raise children, they take valuable time out of the workforce during vital, early years of saving. This policy will contribute an extra $2,700 towards their retirement savings. For a woman in her late 20s who takes the full 26 weeks of paid parental leave under Labor's extended scheme, this could result in an extra $55,000 of retirement savings.

Looking ahead, Labor is committed to developing a comprehensive national strategy for gender equality. This strategy will serve as our roadmap—a blueprint for building a future where every woman has the opportunity to thrive and succeed unburdened by the constraints of gender bias and discrimination. It is upon all of us to ensure that every woman is accorded the same opportunities, rights and dignities as their male counterparts. Together, let us strive towards a future where gender equity isn't just an aspiration but a reality for all Australians.

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