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.

The post Urgent call for comprehensive policy reform to address systemic inequality facing women appeared first on AdviserVoice.

Kris Grant

Australia’s gender wages gap has narrowed cycle to the lowest level on record, new data show, and it could keep on narrowing given wages growth for females is easily outpacing wages growth for men given strong growth in full-time employment for women, according to Kris Grant, CEO of management consultancy ASPL Group.

The gap in average weekly ordinary full-time earnings, the most commonly cited of the gender pay gap measures, fell for the second straight cycle to the lowest level on record, down to 13.0%, according to data released today by the Australian Bureau of Statistics (ABS). The gap has narrowed on the back of a strong increase in full-time wages in female-dominated jobs such as teaching and nursing.

The gap is now around 0.9 points lower than just before the pandemic (13.9% in November 2019), 4.4 points below where it was a decade ago (17.4% in May 2013) and around 2.0 points below the pre-mining boom low in 2005, the ABS said.  Other data released today show that Australia’s unemployment rate increased by 0.2 percentage points to 3.7% in July (seasonally adjusted).

ASPL Group CEO Kris Grant said: “Women, who comprise almost 50% of the Australian workforce, are benefiting from strong gains in full time employment and robust wages growth. Full-time adult average weekly total earnings for women jumped 4.6% over the year to May 2023, well above growth in male average weekly earnings of 3.6%.

“The number of women employed full time stood at a seasonally adjusted 3.84 million in July 2023, up from 3.63 million a year earlier, representing jobs growth of 5.8%. That compares to growth in male full-time employment, which stood at 6.0 million in July 2023 up from 5.82 million a year earlier, representing growth of just 3.1%,” Grant said.

“Several factors are contributing to the large gain in the number of women employed. The emergence of more flexible working arrangements in Australia has helped to boost female workforce participation. The rising cost of living is also forcing some women into the workforce, to help meet the spiralling cost of living and rising mortgage repayments,” Grant said.

The post Gender wages gap narrows to record low – female full-time jobs, wages growth outstrips male outcomes  appeared first on AdviserVoice.

Kris Grant

The pay gap between men’s and women’s salaries remains a persistent problem and more employers need to commit to eliminating the gap which stands at 14% Australia-wide, leading to a significant difference in superannuation balances despite women having attained higher education levels, according to Kris Grant, CEO of management consultancy ASPL Group.

The Australian Bureau of Statistics (ABS) has released data yesterday shows that the difference in average weekly full-time earnings for men and women stood at 14.1% in May 2022, up from 13.8% in November 2021. Measured another way, women’s full-time adult average weekly ordinary time earnings were 86% of that of men.  The wages gap has led to a gap in superannuation levels, with women’s median superannuation balance standing at $168,000 compared to $208,200 for men in the 2019-20 financial year, the ABS data show.  

The post Gender pay difference widens leading to super gap, employers need to act now appeared first on AdviserVoice.