The Albanese Labor Government is delivering on an election commitment to help close the gender pay gap at work.
The Workplace Gender Equality Amendment (Closing the Gender Pay Gap) Bill 2023 will be introduced into Parliament on Wednesday.
The bill will publish gender pay gaps of employers with 100 or more workers – a key reform to drive transparency and action towards closing the gender pay gap.
Minister for Women, Senator the Hon Katy Gallagher, said global experience shows transparency encourages organisations to take action to close the gender pay gap in their workplace.
“On average, women working full-time can expect to earn 14.1% less than men per week in their pay packets,” Minister Gallagher said.
“The gender pay gap is also holding our economy back with $51.8 billion a year lost when it comes to women’s pay.
On current projections it will take another 26 years to close the gender pay gap.”
“Women have waited long enough for the pay gap to close – let’s not wait another quarter of a century.”
“The bill will also reduce red tape for businesses making it easier to report.”
Reporting will commence in 2024, drawing on data already provided by employers.
Companies’ gender pay gaps will be published on the Workplace Gender Equality Agency website.
This reform was recommended by the 2021 Review of the Workplace Gender Equality Act 2012.