A new gender pay gap report reveals that Aussie women lose almost one billion per week.
Research from KPMG, conducted by the Diversity Council Australia and the Workplace Gender Equality Agency (WGEA), has confirmed the national pay gap is a jaw-dropping $966 million (USD $651m or £549m) a week.
This was based off labour force participation rates and incomes.
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That works out to be women across the country being paid $51.8 billion (USD $34.9b or £29b) less annually compared to men.
The report based on the Household Income and Labour Dynamics in Australia (HILDA) survey indicated that gender-discrimination was the leading cause of the pay gap, contributing to almost 36 per cent.
Other reasons for the pay disparity also included women being the primary caretaker for their families (33 per cent), workforce participation, job type and the industry sector they work in (24 per cent).
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According to the study, Australian women earn $2.55 (USD $1.72 or £1.45) less than their male counterparts.
KPMG Chairman Alison Kitchen said that since the last report in 2019, the gender pay gap had 'stubbornly' remained the same.
She added: “This report shows that gender discrimination continues to be the single largest contributor to the gender pay gap.
“It also shows a worrying trend in the rise of industry and occupation segregation.
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"We must collectively increase our efforts to build a better and fairer Australia.”
The study also concluded that the pay gap worsens over time, estimating to be about six per cent at the start of a woman's career before increasing to 18 per cent when they enter more senior or managerial roles.
WGEA Director Mary Wooldridge said: "From the day we start working, there's a gender pay gap. So people are graduating from university, and on average, men are earning more than women on that first day of work, and it grows.
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“And the gap widens each and every year for the rest of their working career.”
The report included many tactics that would help address the gender pay gap in workplaces, including eliminating workplace sexual harassment, everyday sexism, gendered violence, increasing pay transparency and undertaking pay gap audits.
Wooldridge advises employers not to get complacent, and action must be taken to monitor pay parity closely.
She said: “Actions employers can take today include undertaking gender pay gap audits and actioning findings, increasing the share of women in leadership positions, and enhancing availability and uptake of parental leave and flexible work by men and women.
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"WGEA collaborates with employers making these changes and seeing real, tangible benefits for their workforce and for their business.”
Featured Image Credit: Alamy.Topics: News, Australia, Money