This is the Business Council’s submission to the Victorian Government Independent Inquiry into Economic Equity.
This submission puts forward practical suggestions from the Business Council of Australia (BCA) in response to the Victorian Government's Inquiry into economic equity for Victorian women (the inquiry), with a focus on supporting women's participation in the workforce.
Increasing women's participation in the workforce is critical to our economy and our economic future.
In 2018, KPMG modelled that if the labour force participation gap was halved between men and women, Australia's GDP would increase by $60 billion in 20 years_[ 7l Assuming Victorian Gross State Product is almost 24 per cent of Australia's GDP, this could amount to more than $14 billion.
Relatedly, we must set the economy up for the transformational changes needed to assure continued growth.