An overhaul of Australia's economic landscape is needed to achieve true gender equality, according to Women’s Economic Equality Taskforce (WEET) chair, Sam Mostyn. 

A forthcoming report from WEET is anticipated to propose sweeping structural reforms aimed at fostering women's economic participation.

Mostyn has outlined the upcoming report's vision of a radically transformed economy, encompassing five key areas: care, work, education and skills, tax and transfers, and the role of government. 

This transformation would involve shared caregiving responsibilities between genders, universal access to flexible work arrangements, and a gender-focused approach to policymaking and budget allocation.

Describing the report as “bold and audacious”, Mostyn said that if most of its recommendations are accepted, Australia's economy would undergo a profound shift. Women would become a formidable force within the economy, enjoying respect, equality, and recognition as integral participants rather than outsiders.

The report and its recommendations are currently under review by Finance and Women's Minister Katy Gallagher. Mostyn says she has refrained from disclosing specific details out of respect for the minister.

Mary Wooldridge, CEO of the Workplace Gender Equality Agency (WGEA), also shared insights during the recent Women in Media conference, noting that several companies are apprehensive about the forthcoming publication of gender pay audits in early 2024. Australian companies with over 100 employees will have their gender pay gap data made public by WGEA, a departure from previous confidential reporting.

Wooldridge highlighted the positive impact of such transparency, citing the UK's experience, where gender pay audits have driven tangible change and reduced gender pay gaps over six years.

She said that the gender pay gap serves as a crucial indicator of gender equality within organisations, albeit an imperfect one. 

Public sector organisations are now mandated to report their gender pay gap data to WGEA, with the reporting period open until October 31.

A snapshot released in July, based on voluntary data, revealed a widening gender pay gap among non-APS public sector employers, underscoring the urgency of addressing gender disparities in the workplace.