Australia ranks 43rd in the Global Gender Gap Report: How can you get equal?
The annual World Economic Forum Global Gender Gap Report is out for 2022 and the results might come as a surprise to some Aussies, with us ranking a meagre 43rd.
This report considers the gap across several key categories, including education, opportunity and empowerment, among several other factors.
Gender might be broader than just male and female, but the report uses it to establish a baseline for where 146 nations stand in respect to each other.
Closing the gender gap by 73.8%, Australia is roughly a third of the way through the global chart. It’s a jump upwards from our 2021 ranking of 50th, but remains considerably lower than our closest neighbours.
New Zealand is the only country in the Asia Pacific region to sit amongst the top 10. Sitting in 4th, New Zealand has closed 84.1% of the gap in gender disparity. A high proportion of women in ministerial positions and parliamentary roles likely gives them the edge, as with many of the countries in the top ten.
Which countries are the closest to gender equality?
By the World Economic Forum’s calculation of how close to parity they are, the top ten countries are:
- Iceland (90.9%)
- Finland (86%)
- Norway (84.5%)
- New Zealand (84.1%)
- Sweden (82.2%)
- Rwanda (81.1%)
- Nicaragua (81%)
- Namibia (80.7%)
- Ireland (80.4%)
- Germany (80.1%)
These are ranked on the basis of four categories: Health and Survival, Educational Attainment, Economic Participation and Opportunity, and Political Empowerment. The most improvement was shown in Vanuatu, Kenya and Saudi Arabia.
In 43rd position with all factors considered, we also lag behind the US (27th), UK (22nd), South Africa (20th), Mexico (31st), Spain (17th), and the Philippines (19th).
At current rates of progress, it will take approximately 132 years to reach total gender parity. Don’t despair - in some aspects, we’re very nearly there.
Where can Australia improve our gender equity?
Thankfully, Australia is close to parity when it comes to Health and Survival as well as Educational Attainment. When it comes to the rights tracked, from divorce and reproductive rights to freedom of movement and access to higher education, Australia stands in good stead.
Where we are lacking is in wage equality, with the pay gap being alive and well across Australian industries (at nearly 13%). We also lack representation of women in government leadership when compared to high-ranking countries, as well as a high incidence of domestic violence.
Australia is moving closer to parity when it comes to economic participation. Women are more prevalent in care work (paid and unpaid), education and personal well-being while STEM (science, technology, engineering and mathematics) fields remain male-dominated. Thankfully, we are seeing these trends begin to become unseated.
How can I get even with my finances?
If moving to NZ isn’t an option, you might be wondering how you can get even with your own finances.
With wealth accumulation set off balance by unequal career trajectories and the burden of care placed on women, it’s especially important to stay informed and financially savvy. Discussing your salary, knowing how and when to ask for more money, and being a sensible saver will pay back in droves.
Starting off on unequal footing makes it all the more important to save wisely, pay attention to your super and do your research. Don’t let long-held gender gaps in financial literacy carry on.
Want to know how else Australia stacks up to the rest of the world? Read about our attitudes towards finance. Figure out how to keep the cost of living under control with our guide to creating a budget.
Compare savings acounts - last updated 28 March 2024
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Mozo experts choice awards won:
- Kick Start Savings - 2024
High Interest Savings Account
5.75% p.a. (for $0 to $250,001)
4.40% p.a.(for $0 to $250,001)
Yes up to $250,000
Bonus rate for the first 4 months from account opening
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.
CompareCompareHigh Interest Savings Account
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.
- Maximum rate
- 5.75% p.a. (for $0 to $250,001)
- standard interest rate
- 4.40% p.a.(for $0 to $250,001)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for the first 4 months from account opening, reverting to standard variable rate. Rate shown is for Personal customers and is subject to change. Different rates apply to Business/SMSF customers.
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the High Interest Savings Account
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Savings Account
5.35% p.a. (for $0 to $250,000)
4.75% p.a.(for $0 to $1,000,000)
Yes up to $250,000
Bonus variable rate is available for the first four months.
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.
CompareCompareSavings Account
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.
- Maximum rate
- 5.35% p.a. (for $0 to $250,000)
- standard interest rate
- 4.75% p.a.(for $0 to $1,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus variable rate is available for the first four months.
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must have a Macquarie Transaction Account to link with.
Read our Mozo Review to learn more about the Savings Account
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High Interest Save Account
5.10% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Deposit at least $200 to either Spend or Save account from an external source each month.
No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.
CompareCompareHigh Interest Save Account
No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.
- Maximum rate
- 5.10% p.a. (for $0 to $250,000)
- standard interest rate
- 0.10% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Deposit at least $200 to either Spend or Save account from an external source each month.
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Account can only be opened through iOS or Android app, but may be accessed through internet banking.
Read our Mozo Review to learn more about the High Interest Save Account
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Reward Saver Account
5.25% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yes up to $250,000
Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.
Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.
CompareCompareReward Saver Account
Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.
- Maximum rate
- 5.25% p.a. (for $0 to $1,000,000)
- standard interest rate
- 0% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.
- Access
- ATM, EFTPOS, Visa Debit, Cheque book, BPay, Branch access, Phone banking, Internet banking, Bank@Post
- Minimum balance
- $0.00
- Other restrictions
- -
Read our Mozo Review to learn more about the Reward Saver Account
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Mozo experts choice awards won:
- High Interest Savings - 2024
AMP Saver Account
5.40% p.a. (for $0 to $250,000)
1.20% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Enjoy a bonus rate when you deposit at least $1000 per month with the AMP Saver Account.
No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2024 Mozo Experts Choice Award winner.
CompareCompareAMP Saver Account
No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2024 Mozo Experts Choice Award winner.
- Maximum rate
- 5.40% p.a. (for $0 to $250,000)
- standard interest rate
- 1.20% p.a.(for $0 to $5,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Ongoing total variable bonus rate of up to 5.40% per annum applies if customers deposit $1,000 in the previous month. Available only on balances up to $250,000.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Ongoing total variable bonus rate up to 5.40% p.a. is earned on the balance the month after you deposit $1,000 and is paid the following month, on balances up to $250k. Max balance per customer name is $5 million.
Read our Mozo Review to learn more about the AMP Saver Account
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