New research released on International Women’s Day reveals Australian women earn $1.01m less over their working lives than men, based on median income data.
Women earn $136,000 less in superannuation over their working lives than men, based on median income data. Women earning the median wage will accumulate approximately $393,676 in super, $151,000 below what is considered a ‘comfortable retirement’.
Key Points:
- Australian women on a median income will earn $1.01m less over their working lives on average than their male counterparts
- Australian women on a median income will earn $136,000 less in superannuation over their working lives than their male counterparts
- The gender pay gap is narrowing so slowly that it will not fully close for another 30 years until 2053
- The Gender wage gap in Australia (15.3%) is more than double what it is in New Zealand (6.7%)
- Men have higher average salaries than women in 95% of all occupations
“For the average woman in Australia, the gender pay gap will be more than $1.01m over her working life, based on conservative estimates,” said Senior Economist Eliza Littleton from the Australia Institute’s Centre for Future Work.