Modest gains mask fading gender equity momentum as tax disparities and NDIS shifts risk turning women into an ‘unpaid safety net’
Bianca Hartge-Hazelman
Key points
- The Financy Women’s Index rose 0.61 points to 78.47 points out of 100 in the March quarter.
- The Underemployment sub-index gained 2.9 points, returning to March 2025 level but masks a decline in both women and men’s underemployment through the start of 2026.
- The Superannuation sub-index gained 1.1 points, with ATO data showing a small narrowing of the gender gap in lifetime superannuation savings.
- The Employment sub-index improved slightly, rising 0.3 points.
- This quarter’s gains represent gradual improvement for economic equality but highlights the need to stay vigilant such that temporary progress is not interpreted as lasting change.
- The Federal Budget also highlights how competing fiscal and economic pressures can shift focus away from sustained progress on gender equity.
- Timeframes to equality: the overall timeframe to financial gender equality in Australia remains largely unchanged at a median of 20 years.
While headline numbers suggest a modest recovery in economic equality, data from the latest Financy Women’s Index (FWX) suggests that a softening labour market and shifting political priorities risk freezing long-term progress for Australian women.
During the March quarter, the FWX rose 0.61 points to 78.47 points (out of 100) compared to the December quarter.
While this reflects a slight improvement in economic equality during the past quarter, the FWX has returned to its same level as March 2025. This plateau leaves the overall median timeframe to financial gender equality in Australia stuck at a stubborn 20 years.
Financial gender equality outcomes improved this quarter in just three of the seven areas measured by the FWX: Underemployment, Superannuation, and Employment.
“The March results signal a fragile state of progress that demands ongoing vigilance so temporary progress is not interpreted as lasting change,” said Bianca Hartge-Hazelman, CEO of Financy.
“While we see positive steps in Superannuation, the Federal Budget highlights how competing fiscal and economic pressures can easily shift focus away from sustained progress on gender equity.”
Evie Fox Koob, manager at Deloitte Access Economics, noted that overhauling the NDIS and removing 160,000 people from the scheme threatens to trade women’s paid care for unpaid care, contributing to persistent financial inequities.
The quarter’s largest positive movement came from the Underemployment sub-index, which gained 2.9 points to reach 68.8. However, the report notes there are “no winners” here, as the narrowing gap was driven by underemployment increasing for both men and women as households sought more hours to combat rising cost-of-living pressures.
The Employment sub-index registered a minor increase of 0.3 points to 74.8 but masks a contraction in employment for young women aged 15–24 by 3% and older women aged 65+ by 1% over the year to April 2026.
Entrenched structural barriers remained completely stagnant, with the ASX 200 Boards sub-index unchanged at 75.2 points and the Gender Pay Gap remaining stuck at a 21.0-year wait to parity.
Evaluating the Federal Budget and recent tax reforms, Dr. Leonora Risse, associate professor in economics at QUT, highlighted that a gender comparison of personal tax deductions reveals men benefit more than women for all but 3 of the 13 analysed tax items, with some gaps reaching as high as 40 per cent.
Nicki Hutley, economist & social impact consultant, added that while proposed housing reforms in the May Budget aim to improve affordability, what women gain in potential home ownership may well come at the expense of opportunities to invest in housing.
Superannuation provided a steady bright spot, recording a 1.1-point increase and narrowing the lifetime savings gap timeline slightly to 13.3 years.
This long-term trend was supported by improved wage growth and key legislative changes, such as paying superannuation on government-funded Paid Parental Leave.
Rhiannon Yetsenga, director at Deloitte Access Economics, said: “The Index suggests we may have entered a period where gains in gender equity are slower, and where progress is more easily reversed.”
She further noted that progress on gender equality is not guaranteed, occurring only when individuals, organisations, and governments actively make it a strategic priority.
In particular, Education continues to present the longest generational challenge, with the projected wait for equality sitting at a profound 212.5 years. This sub-index assesses the tertiary education subjects being studied and their future earnings potential and is a significant contributor to the gender economic gap.
Updated Timeframes to Equality
