Anne Ruston (SA, Liberal Party) Share this | Link to this | Hansard source

My question is to the Minister Assisting the Prime Minister for Women, Senator Cash. Could the minister please outline to the Senate the commitment made at the G20 in relation to women?

Michaelia Cash (WA, Liberal Party, Assistant Minister for Immigration and Border Protection) Share this | Link to this | Hansard source

I thank Senator Ruston for her question. Boosting female participation in the workforce has been a key focus of the G20 throughout this year of Australia's presidency because of the important links between workforce participation and economic growth. Indeed, in his keynote address in Davos over 10 months ago Prime Minister outlined his vision for the G20's presidency in Australia and identified female participation in the workforce as a priority. As a direct result of this focus, women's workforce participation was on the official G20 agenda for the very first time, with G20 leaders committing to reducing the gap in participation rates between men and women by 25 per cent by 2025. This is a groundbreaking goal that was formally proposed at the labour and employment ministers meeting in September and is now being adopted by all leaders of the G20 nations. 25 by 25 is an ambitious but credible goal that will be good for our global economy and good for women, their families and communities.

Across the world, the knowledge of 865 million women are seriously underutilised when it comes to contributing to economic growth. G20 leaders recognise that this underutilisation of women must change and that the 25 by 25 goal will positively improve economic growth and resilience. The focus on women's issues within a powerful forum such as the G20 has the potential for strong and far-reaching impacts across the world and for generations to come. Australians should be very proud of the government's efforts in securing this goal. 25 by 25 will stand as an important legacy for Australia's G20 presidency.

Anne Ruston (SA, Liberal Party) Share this | Link to this | Hansard source

Mr President, I ask a supplementary question. Could the minister further explain to the Senate what the 25 by 25 will actually mean to G20 nations?

Michaelia Cash (WA, Liberal Party, Assistant Minister for Immigration and Border Protection) Share this | Link to this | Hansard source

Delivering on this commitment will bring more than 100 million additional women into the labour force across G20 economies. It will significantly increase global growth. It will deliver financial independence to millions of women and reduce poverty and inequality. Increasing women's participation can help mitigate the impact of ageing populations and support stronger economic growth and productivity. The OECD estimates a boost to women's participation of this scale would increase the G20's GDP by between 1.2 and 1.6 per cent by 2025, adding more than $1 trillion to the global economy. The actions G20 leaders will take will vary from country to country but could include improving access to education and child care, expanding maternity leave options, fostering female entrepreneurs, improving financial literacy and better access to business finance. I believe that we will all look back on 2014 as a pivotal year in the G20.

Anne Ruston (SA, Liberal Party) Share this | Link to this | Hansard source

Mr President, I ask a further supplementary question. Could the minister advise the Senate why the 25 by 25 goal is so important for Australia?

Michaelia Cash (WA, Liberal Party, Assistant Minister for Immigration and Border Protection) Share this | Link to this | Hansard source

Increasing female participation in the workforce is essential to boosting our productivity and achieving sustainable, inclusive growth. In achieving the 25 by 25 goal Australia will see up to 200,000 additional women participating in the labour force above current employment projections. We want to see an Australia that has taken full advantage of the skills and talent that Australian women have to offer our economy. We already have a number of policies either in place or proposed which will achieve this target, including improving access to affordable, flexible, accessible child care; instigating the largest review of the childcare system since the 1990s; and enhancements to existing paid parental leave, which will recognise PPL as a workplace entitlement and will include superannuation. The government has the fundamentals in place, and we will consider additional avenues to ensure that we meet this ambitious but credible aim.