Issue No.2 of 2014, Friday 7 March
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International Women's Day

Not so super for women

Member perspective: Banking and finance is a woman’s game: so why is there a pay gap?

Upcoming IWD Events

  International Women's Day 

International Women’s Day is an important platform upon which we recognise and celebrate how far we’ve come as a society. However, research such as the FSU’s recent submissions surrounding maternity leave, child care and return to work, along with the substantial gender pay gap, highlight that there is more work to be done.

To celebrate International Women's Day on Saturday March 8th, we are showcasing some of the fabulous FSU members who are inspiring change as women in finance.

Check out our IWD gallery

Download a fact sheet about the gender pay gap in finance

Watch and share our IWD video

Most importantly, get involved and join your union. With the federal government announcing a review of the pay and conditions of Australian workers it is vital that we stand united to not only protect the entitlements we already have, but to inspire and achieve change together. If you’re already a member, invite your colleagues to join FSU today.

In unity,

Leon Carter
FSU National Secretary



  Not so super for women 

A few years ago the Association of Superannuation Funds of Australia (ASFA) estimated that the average retirement payments for men would be almost $100,000 higher than retirement payments to women. The Australian Taxation Office has published figures revealing that Australian women retire with super account balances that are on average 43% less than super balances of Australian men.

Last year’s Household, Income and Labour Dynamics in Australia (HILDA) survey found single women aged 60 had the highest poverty rate of any family group in Australia at 35.8%, and these women are also more likely to be in poverty for six years or more.

And this was before the Abbott Government’s announcement late last year that it will scrap superannuation tax breaks for workers on less than $37,000 per year.

“This was a boost to the superannuation of 3.6 million workers, including 2.1 million women, many of whom are combining raising a family with part-time work,” said ACTU President Ged Kearney at the time.

Women make up more than half the Australian finance sector workforce, and 14% work part time and earn low incomes. That’s a lot of women who will be worse off in their retirement because of the actions of the federal government.

The ATO has developed a 5 step super check for women and an article in Fairfax newspapers this week has some good tips.

But the best thing we can do is to ensure we are working together to make noise about this issue and inspiring change for working women so we don’t spend our retirement years in poverty.



  Member perspective: Banking and finance is a woman’s game: so why is there a pay gap? 

“This International Women’s Day, I would like to see a real commitment from the banking and finance industry to lead the way in respecting the great women they employ by addressing the pay gap in their organisations.”

Lauren, ANZ, Victoria

Women represent 50.3% of banking and finance industry employees. Traditionally a male dominated professional, more women than ever are choosing to build a career in banking and finance.

Women can be found in all aspects of the business but most likely at the bottom. In fact, the majority of women can be found at the bottom levels of each organisation. More often than not it is a woman that serves you at your local branch or who you speak to on the phone. Women are the ones who count your money, assist you to refinance your home loan, respond to your complaints, and assist you with internet banking queries.

They are skilled professionals with the necessary training and education to talk you about different products, provide you with financial advice and they do it with a smile on their face.

Read more.



  Upcoming IWD Events 

There have already been some great IWD events this week, a sundowner in Perth, a film night in Hobart, and two breakfast events in Brisbane.  If you’re in Adelaide, Sydney or Melbourne you’re in luck, as you can still celebrate IWD at these terrific events.

Assemble at State Library, North Terrace Friday 7th March at 5pm. March along North Terrace, Pulteney Street and Rundle Street, finishing at Vaughan Place for celebrations, music and a free BBQ.

Meet in front of the FSU office at 321 Pitt Street Sydney Saturday 8th March at 10:45 am. We’ll be marching from Town Hall at 11 am.

Feminists of all genders are invited to Bella Union at Trades Hall (corner Lygon & Victoria Streets, Carlton) for a casual gathering with food, drinks and chats on 7th March.  $1 off drinks between 5.30PM and 7.30PM and complimentary snacks!

Looking for an event closer to home? Check out all of the Australian IWD events.

Happy International Women’s day!



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  Authorised by Leon Carter, National Secretary  
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