Business welcomes the expansion of the government’s Paid Parental Leave system which will help boost the economy by making it easier for new parents to stay in the workforce, Business Council chief executive Jennifer Westacott said.
“This doesn’t just help make a fairer society, it’s also a major economic reform that will help raise workforce participation and boost productivity.
“We’ve long called for reform to the paid parental leave system because providing adequate time off to new parents and encouraging equal sharing of care is good for the economy and good for families.
“This reform will mean people can work to their full potential and advance in their chosen fields without being forced to give up work altogether or head back to work before they’re ready.
“According to KPMG research in 2018, if Australia halved the workforce participation gap, in twenty years’ time the economy would be bigger by around $60 billion each year in today’s dollars.
“Many large employers are already leading the way to give families flexibility but we support moves that make sure Australian families benefit from a strong minimum standard.
“In the longer term, business is ready to work with government to deliver a more flexible paid parental leave scheme that would reward parents for sharing leave time equally.”
