Women at Work: The Powerhouse of Australia’s Economic Future
As Australia looks to the future, one thing is clear: the economy we build tomorrow will be shaped by the women we empower today.
“Do not wait for leaders. Become one.”
– Mother Teresa
In a country facing the dual pressures of an ageing population and evolving workforce needs, one message rings loud and clear: empowering women in the workplace is not just a social imperative—it is an economic one.
In the lead-up to the federal election and amid talk of tax cuts, housing incentives and major infrastructure investments, one message rings clear: women—particularly older women—are central to Australia’s future economic prosperity.
At a recent Chief Executive Women event, Reserve Bank Governor Michele Bullock, the first woman to hold the role in the institution’s history, offered a powerful reflection on how far we have come and the road that still lies ahead.
“Given our ageing population in Australia, boosting the labour force participation of working-age women is not only desirable, but essential for economic growth,” she said.
Bullock, who began her career at the Reserve Bank in the mid-1980s when very few women were in senior roles, now leads an institution where women hold 40 per cent of management positions—a shift that would have been hard to imagine four decades ago.
It’s a sentiment echoed by others in the field. Jane Hume, Liberal senator and former Minister for Women’s Economic Security, has said, “Empowering older women in the workforce isn’t just good policy—it’s smart economics.”
And while younger women are entering the workforce in equal numbers to men, with similar participation rates under the age of 25, challenges remain in leadership representation, pay equity and industries like economics, where female enrolment still lags.
“Women often underestimate their ability in subjects like economics,” Bullock explained, noting the need for visible role models and better advocacy. “We need to make it clear: understanding the economy is about understanding how to shape our lives and communities.”
For many of us who have balanced careers, caregiving, and navigating retirement readiness, this message resonates. It is not just about equality—it’s about harnessing the wisdom, experience and potential of women who have led households, businesses, and communities for decades.
As we weigh the promises from the major parties this election—tax offsets, housing schemes, and energy plans—we also reflect on how policies affect us as women over 55: the fastest-growing cohort entering retirement and, increasingly, re-entering the workforce.
Labor’s platform includes tax deductions for work expenses, expanded bulk billing access, and housing support for first-home buyers. The Coalition is pitching a fuel excise cut and mortgage interest deductions. Meanwhile, the Greens are championing free university and TAFE for all ages and calling for greater environmental investment.
These are the headline-grabbing policies, but beneath them is a deeper narrative: how we ensure women continue to shape Australia’s future—not as an afterthought, but as essential voices in every part of public life.
As Michele Bullock put it so beautifully: “Do not undersell yourself. Do not be afraid to try something different. Find trusted people to guide you. And remember—the team around you is your greatest resource.”
From one generation of strong women to the next, that’s advice we can all take to heart and adapt.
Luisa Capezio