The first Australian Women’s Health and Welling Scorecard, produced by Monash University and Monash Health, found Australian women have poorer health, lower incomes, and less engagement in the labour force than men.

At current rates, it will take 70 years to reach full-time employment equality with men, and more than 200 years to reach equity on income.

The report found in 2020, there was almost a $24,000 income gap between the two genders, with the women’s labour force absence alone costing $72 billion in lost GDP annually.

Further, there is a 19% point gender gap in full-time employment and a $44,746 superannuation gap, despite women’s average income and superannuation increasing since 2001.

Nearly 50% of men are employed full-time compared with only 30% of women - child caring responsibilities are a contributor to this.

Monash Centre for Health Research and Implementation (MCHRI) Helena Teede said urgent action is needed to close the gender pay gap.

“Poor health is known to reduce income; and low income is known to increase risk of poor health creating a cycle of disadvantage for Australian women, with impact on women from diverse backgrounds even greater,” Ms Teede said.

“Removing the structural barriers that prevent equality is an urgent priority to prevent the declining health of women in Australia.”

Other key findings included women experienced more elevated psychological distress than men between 2001 and 2020, linked to financial inequity.

Women aged between 18-24 recorded the highest distress in all years since 2001.

What are the average weekly earnings for men and women?

According to data from the ABS, Australia’s national gender pay gap is currently 14.1% as of May 2022.

This is a 0.3% point increase since November 2021 (13.8%).

Women’s average weekly ordinary full-time earnings across all occupations was $1,609.00 compared to men’s average weekly earnings of $1,872.90.

The pay deviation means full-time working women earn AU$263.90 per week less than their male counterparts.

Australia’s national gender pay gap has hovered between 13% and 19% for the past two decades.

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Rates
Features
Conditions
Other
Provider
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High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
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*Rate varies on savings amount
  • Deposit $500 per month to get bonus interest
  • 5.50% p.a. available on total savings up to $100k.
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*Rate varies on savings amount

Save Account (<$100,000)

  • Deposit $500 per month to get bonus interest
  • 5.50% p.a. available on total savings up to $100k.
  • 5.00% p.a. applies to savings between $100k-250K.
  • Tiered bonus rates apply. (TMDs at ubank.com.au)
More details
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
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Savings Account (Amounts < $250k)

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4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • For deposit amounts $0 - $49,999
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Savings Accelerator (Amounts < $50000)

  • For deposit amounts $0 - $49,999
  • New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
  • Reverts to variable ongoing rate. T&Cs apply.
More details
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All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of August 21, 2024. View disclaimer.

Important Information and Comparison Rate Warning

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