Kris Grant
ASPL Group is calling for a comprehensive analysis and commitment to policy reforms that address the systemic lifelong inequality facing women. Significant financial and social burdens persist despite incremental policy changes in the recent Federal Budget. While changes made offer some benefits, their inadequacies to address the issue of gender inequality at large underscores the ongoing failure to address the deep-rooted issues that overwhelmingly impact on women in Australia. A comprehensive overhaul involving meaningful consultation and collaboration with key stakeholders and community members is urgently required to tackle these challenges effectively.
Australian women are disproportionately impacted by financial burdens, starting with the HECS-HELP debt. Women make up about 60% of those who owe money and hold 58% of the overall debt. These figures reflect the fact that policies established in 1989, do not align with the realities of women’s lives today.
“When HECS-HELP was introduced, fewer women attended university, the nuclear family was more common, and housing was more affordable,” explains Kris Grant, CEO of ASPL Group. “These policies did not account for contemporary issues such as career breaks for caregiving, lower wages in female dominated industries, and rates of relationship breakdowns. Consequently, women’s debts tend to rise and persist longer, disadvantaging them throughout their lives.”
The gender pay gap in Australia remains a significant issue, currently standing at 21.7%. This stark difference further impacts on the financial burden and barriers to the accrual of wealth that women face throughout their lives. This disparity extends to retirement savings, with the median balance for those aged 60 to 64 at $211,996 for men and only $158,806 for women.
“These figures highlight the long-term financial insecurity faced by women,” says Grant. “Lower superannuation savings co-existing with high rates of gender-based violence are significant contributors behind women over the age of 55 making up the fastest-growing demographic experiencing homelessness”.
Some supportive measures in the 2024 Federal Budget include paying superannuation on Commonwealth paid parental leave and wiping $3 billion in university debts. These initiatives considered alongside the recent labour force report data indicating that wages growth may have peaked in Australia highlight the insufficiency of progress made. In fact, supportive measures implemented in the Federal Budget do little to address the issues women are facing, or the long-lasting impacts of these issues.
“The government must go beyond temporary relief and re-examine the societal challenges women face today.” asserts Grant.
Grant advocates for an inclusive policy-making process that involves a diverse group of women. “We need solutions that address the current realities of women’s lives, not outdated policies from the 1980s,” she stresses. “A policy that disadvantages 51% of Australians is inherently flawed. Our community suffers when policies are not co-created with the people they are developed for.”
Kris Grant calls for comprehensive workplace reforms, equitable pay structures, and increased funding to prepare women for retirement. “The government’s current approach amounts to band-aid solutions that fail to address systemic issues. We need a complete overhaul of policies and systems that perpetuate gender inequality. Furthermore, there must be meaningful acknowledgement of the direct correlation between gender inequality reinforced in government systems, with incidents of gender-based violence enacted in broader society. One cannot be adequately addressed in isolation of the other”.
The call for change is clear: the government must engage in bold and inclusive reforms to create a truly equitable system that supports and uplifts all women in Australia.