A report by McKinsey Global Institute (McKinsey) has found that pursuing the goal of gender parity could provide a powerful driver of growth in the Asia Pacific region. Australia has the best-in-region annual GDP opportunity of $225 billion by 2025, or 12 per cent above business-as-usual GDP. 

Overall, the opportunity presented by advancing gender equality is significant: the countries of Asia Pacific could add $4.5 trillion to their collective annual GDP by 2025, by developing what McKinsey calls “a powerful engine of global growth” to lift more women out of poverty, unleash the economic potential of many others, and reinforce the region’s dynamic growth story. 

According to the report, Australia and New Zealand have made the most progress towards parity in essential services such as education, maternal and reproductive health, financial and digital inclusion, and legal protection and political voice, while Singapore is most advanced towards parity on physical security and autonomy. 

Nevertheless, most countries can improve the share of women in leadership in particular. While globally, there are fewer than four women in leadership roles to every ten men, in the Asia Pacific that drops to around one woman for every four men. Gender inequality in the sharing of unpaid care work also remains high across the region. 

Going forward, McKinsey suggests that policy makers, companies, and organisations across the region could focus on higher female labour-force participation to boost economic growth; address women’s underrepresentation in business leadership positions; and improve access to digital technology to capture both economic and social benefits. Collaboration on regional solutions such as financing and knowledge-sharing could unlock powerful catalysts for gender equality.

A shift in attitudes about women’s role in society and work would underpin progress on all aspects of gender equality. This is because attitudes regarding women’s role as family caregivers are key reasons that women undertake a disproportionate amount of unpaid care work, choose to step out of the workforce, and face conscious and unconscious discrimination in the workplace.

In Australia, the Workplace Gender Equality Agency is tasked with promoting and improving gender equality in workplaces across the nation. Created by the Workplace Gender Equality Act 2012, the agency provides advice, tools and education to help employers improve their gender performance and comply with the reporting requirements under the Act. 

McKinsey Global Institute is the business and economics research arm of McKinsey & Company. The report, The Power Of Parity: Advancing Women’s Equality In Asia Pacific, can be found online here.

More from The Business Conversation:

Felici Espresso Bar: 'Happy' café in Adelaide’s East End precinct

Fair Work Ombudsman puts spotlight on the workplace basics of 1,000 businesses

Popular Brisbane CBD meeting place with modern gastro-pub menu