Want to reduce the gender pay gap? Tax the rich more

In almost every debate about the gender pay gap, the blame tends to fall on the nation’s male employers.

It goes something like: Why aren’t those well-paid male CEOs appointing more women to senior management and boards? Why aren’t workplaces more flexible? Why aren’t they meeting diversity targets?

CEOs and boards shouldn’t be let off the hook. They have been paying lip service on gender diversity and have a crucial role to play in reducing income inequality between men and women.

But an often overlooked factor – one that was virtually absent from Malcolm Turnbull’s recent attempt to have ‘tax reform’ – is the role Australia’s tax system plays.

David Jones’ iconic Sydney Market Street store sold to Westfield owner Scentre Group

The venerable David Jones menswear store in Market Street, which has been in the group since 1938, has been sold for $360 million and will see apartments built on top of a revamped retail centre.

The long-anticipated sale comes only three days after the owners of the department chain, the South African Woolworths, revealed it was severing its corporate ties with Sydney by relocating head office operations to Melbourne.

Scentre Group, the owner of the Westfield Sydney mall and the Melbourne-based super fund Cbus were the buyers. Scentre will redevelop the retail floors to adjoin its mall, while Cbus will develop the air rights into apartments.

In a statement late Monday evening, Scentre’s chief executive Peter Allen said the group’s share of the purchase price is $182.5 million with Cbus Property paying the balance of $177.5 million.

Want to reduce the gender pay gap? Tax the rich more

In almost every debate about the gender pay gap, the blame tends to fall on the nation’s male employers.

It goes something like: Why aren’t those well-paid male CEOs appointing more women to senior management and boards? Why aren’t workplaces more flexible? Why aren’t they meeting diversity targets?

 

CEOs and boards shouldn’t be let off the hook. They have been paying lip service on gender diversity and have a crucial role to play in reducing income inequality between men and women.

But an often overlooked factor – one that was virtually absent from Malcolm Turnbull’s recent attempt to have ‘tax reform’ – is the role Australia’s tax system plays.