Speech Notes for Catherine Blake at the Business Council of Australia Annual Summit Speaker: Catherine Blake, CEO of Elevate Group and Member of Chief Executive Women (CEW) Event: Business Council of Australia Annual Summit Audience: CEOs, board chairs, government advisors, corporate leaders, and investors

It is a true honour to speak at the Business Council of Australia Annual Summit. This summit provides a vital platform for leaders and policymakers to come together and discuss the future direction of our economy and society.

The Business Council of Australia Annual Summit celebrates innovation, leadership, and achievements across various sectors. Being here today highlights our shared commitment to building a successful and fair future for all. I am Catherine Blake, the CEO of a high-performing team responsible for managing multimillion-dollar portfolios and consistently delivering outstanding results.

However, despite these accomplishments, my earnings fall significantly short compared to those of my male peers. This disparity isn’t speculation; it’s a well-documented reality. The Workplace Gender Equality Agency reports that, on average, female CEOs in Australia earn $170,000 less than their male counterparts, leading to a troubling 25% pay gap at the highest levels of executive leadership.

This issue becomes even more alarming when we look at the national gender pay gap, which currently stands at 21.8%. To put it simply, for every dollar a man earns, a woman earns only 78 cents, translating to an annual shortfall of $28,425.

What message does it send to women at every stage of their careers? It implies that regardless of women’s skills, experience, or the quality of their workplace contributions, their work is undervalued by employers. This issue extends beyond just compensation; it reflects the worth we assign to roles frequently occupied by women. Women make invaluable contributions to the workforce, yet they bear a disproportionate amount of unpaid labour. According to the Australian Bureau of Statistics, although only 4% of women engage in unpaid work, they, along with 86% of men, spend considerably more time on vital tasks such as housework, childcare, and caregiving. In fact, full-time working women take on 60% more unpaid domestic responsibilities than their male counterparts.

We lead, we work, we care, and still, 72.2% of Australian employers perpetuate a gender pay gap that favours men. Have we made any progress? Yes, though it’s minimal. At the current pace, we won’t close the pay gap for over a century, and achieving equal representation in CEO roles, which is only 22.3% now, will take even longer. This issue isn’t just about fairness; it’s also an economic misstep. Numerous studies reveal that companies with gender-diverse leadership teams tend to outperform those without.

The evidence is clear: gender equality isn’t a risk; it’s a pathway to greater profitability. So, what are we waiting for? What actions must we prioritise? We must implement transparency in executive pay to ensure it is managed effectively. We should tie gender equality to board KPIs since leadership shapes the organisation’s culture. Additionally, let’s invest in mentorship programmes that foster pathways for female leadership; the next generation is watching and waiting. This isn’t about seeking preferential treatment; it’s about gaining a competitive edge. If we want Australia to thrive economically and socially on the global stage, we must stop undervaluing the contributions of half our workforce. To my fellow leaders: We have the power to effect these changes. We don’t need permission; we need resolve and commitment.

To every woman climbing the career ladder: I see you; I am you. Keep pushing forward. We’re not asking for anything extraordinary; we’re demanding equal recognition, equal pay, and equal opportunities. Let’s not just promise to change for the future; let’s make sure it happens now. Why is this transformation so crucial?

The economic consequences of gender inequality are enormous. Economies prosper when more women occupy leadership positions, as diverse perspectives lead to better decision-making and drive innovative solutions. Every step we take to close the gender pay gap empowers women and reinforces the economic strength of society.

What can each of us do as individuals? Support businesses that prioritise gender equity. Advocate for policy changes aimed at fair compensation. Offer mentorship to young women entering your fields. Every effort, no matter how small, counts. In closing, we stand at a crucial juncture. The choices we make today will shape the society of tomorrow. Let’s strive for a world where gender equality is not just an idea but a concrete reality.

Thank you.