Here are 5 Federal budget initiatives which specifically impact women:
1. The Government intends to grow the economy in 2021/2022 by creating job opportunities in sectors such as manufacturing, infrastructure, medicine, recycling, food, defence, farming and tourism. There’ll be a focus on increasing female workforce participation. The Federal Budget has allocated $50 million to Women@Work, which expands the existing Women’s Leadership and Development Program to create jobs and employment opportunities for women, including women from diverse backgrounds. Women@Work will be delivered in partnership with organisations that operate proven, high impact projects to support women’s economic security. The Master Builders Australia’s Women Building program will be expanded to support more women into the male-dominated building and construction industry. The Academy for Enterprising Girls program will be expanded to give young women (particularly in rural and regional communities) the incentives and skills to start their own businesses in the digital economy.
2. The Government is investing in Respect@Work to address and prevent workplace sexual harassment. This measure will provide funding for new tools and training to support workers and employers to create safe workplaces for everyone.
3. The Paid Parental Leave (PPL) work test period will be temporarily extended to 20 months (600 days) to ensure that parents whose employment has been impacted by COVID-19 are supported and that women can remain connected to the workforce. This measure will assist parents in meeting work test provisions if their employment has been affected by COVID-19. This measure is estimated to allow about 9,000 mothers to regain eligibility for Parental Leave Pay.
4. The Budget is providing $14.5 million to extend and expand several existing Women in STEM programs, including the Women in STEM and Entrepreneurship (WISE) Grants Program, the Girls in STEM Toolkit, and the Women in STEM Ambassador role.
5. A new, interactive, online YourSuper comparison tool, to be developed by the ATO, aims to make it easier for members to choose their super fund. The online tool will:
• rank MySuper products by fees and investment returns
• provide links to super fund websites
• show the member’s current super accounts and prompt members to consolidate.
