Australia's gender pay gap has reached its lowest point on record, down  to 11.5 per cent.

The latest figures from the Australian Bureau of Statistics (ABS) show a significant improvement from the 14.1 per cent gap recorded two years ago

On average, Australian women currently earn 89 cents for every dollar earned by men, leading to a weekly earnings difference of $231.50. 

According to the ABS, the average full-time weekly earnings in May 2024 were $2,014.3 for men and $1,782.8 for women. 

Over a year, this disparity adds up to $12,038.

The Federal Government says the stats put forth by the Workplace Gender Equality Agency (WGEA) show the success of its various reforms. 

These include the banning of pay secrecy clauses, the modernisation of the bargaining system, and enforcing transparent gender pay gap reporting. 

Minister for Women Katy Gallagher said that the decrease in the pay gap benefits not just women, but the economy and society as a whole. 

However, the wider economic context includes a rise in unemployment, with the rate increasing to 4.2 per cent in July 2024, the highest since November 2021. 

The ABS reported that while 58,000 more people found employment, the number of unemployed also grew by 24,000, pushing the unemployment figure to 637,000. 

Despite this, workforce participation hit a record high of 67.1 per cent.