The lack of female representation in economics in Australia is concerning – particularly as other OECD countries such as the United States of America and Germany have made great strides in female representation in economics at the highest levels of business and government. As Danielle Wood, National President of the Economics Society of Australia, described, Australia has ‘had a female Prime Minister but not Treasurer, a female CEO of a Big 4 bank but not a Chief Economist, and a female Chief Scientist but never a female at the helm of the Treasury, Productivity Commission, ASIC, APRA or the ACCC’. 

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The lack of women in economics has negative implications on policy and the millions of lives that it affects. Research has shown that women bring innovative perspectives to the economic discourse and more balanced policy recommendations, and that having too many similar individuals reduces your range of perspectives. 

To have equal gender representation in economics, we need to address four key issues; building a pipeline of qualified female economists, increasing the visibility of women in the profession, ensuring that economics is a supportive environment for women and considering intersectionality in implementing these recommendations.

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First, to build a pipeline of qualified female economists, we need to encourage women in high school and university to study economics. The Reserve Bank of Australia found that women were much less likely to study economics than men, both at high school and university. To address this, the Reserve Bank of Australia and the Women in Economics Network have published a range of educational and career resources to increase the uptake of economics by women. The Department of Treasury and Finance introduced its Mentoring Women Program where female economists provide tailored advice to university and high school students. This advice can range from choosing your university subjects, understanding the job opportunities available in economics and policy, how to apply and interview for internships or graduate jobs, the art of networking, and boosting your overall confidence in your ability to become a professional economist.

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Second, there needs to be greater visibility of women in economics, particularly in high profile roles. The Women in Economics Network (WEN) aims to change the perception of economics and ensure that young women have role models in economics. To achieve this, WEN has created a list of female economist speakers that journalists can reach out for advice on economic issues. WEN also runs media training for female economists. The increased media coverage of female economists aspires to change the perception of the profession, so that that when young women envision an economist, they can see themselves in those roles. I have been fortunate to work alongside incredible female economists and leaders throughout my career who have inspired and mentored me and demonstrated that there are no limits to my potential. I hope that every woman gets to experience this.

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Third, the field of economics needs to become a more supportive environment if it wants to retain women. While economics has come a long way, there is still more progress to be made. To improve the retention of women in economics, organisations could implement policies that improve the hiring of women in senior leadership roles. For example, DTF delivers a leadership development program for women at the Senior Economist and Manager levels to increase gender balance in senior leadership.  

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Fourth, intersectionality should be central to implementing all the recommendations above. It is important from both a business and moral perspective that our leadership reflects the diversity of the community that we serve. This means that women who face the intersectional impacts of sexism, racism, classism, ableism, transphobia and/or homophobia need to be included in the movement to reach gender parity. The implementation of diversity policies across the public and private sectors has played a role in the progress we’ve seen in recent years. This has included the creation of employee-led diversity networks, diversity and inclusion leadership teams within Human Resources, and the development of frameworks which are implemented and regularly reported on. These have all contributed to seeing more women with disabilities, women of colour, Aboriginal and Torres Strait Islander women as well as women and non-binary people in the LGBTIQA+ community in leadership positions in the public service.