If we are to fully harness the potential of our human capital and ensure as Australians we really are the best we can be, we need to unlock one hundred per cent of our workforce.

Australian women are some of the most highly educated in the world. Yet our female workforce participation rate for 15-64 year olds (as reported by the OECD) is 70.5 per cent, compared with men at 82.2 per cent.

While female full-time employment in Australia has been rising, our participation rate continues to lag behind New Zealand, Britain and Canada.

Economically we have much to gain by increasing women's workforce participation.

Analysis by Goldman Sachs suggests closing the equity gap could boost Australian GDP by 11 per cent – to ignore this gain would be economically reckless.

But boosting women's workforce participation is not just about our nation's bottom line.

It is about empowering men and women to make the choices they want, rather than the choices they feel they have to make because of cultural, structural and institutional barriers.

Lack of flexibility and inadequate childcare for working parents are key barriers we need to tackle.

Another barrier that until recently was widely misunderstood is unconscious gender bias.

According to a 2015 survey by Ernst & Young, when companies are gender-equal, they are more likely to innovate, report greater productivity, recruit staff more easily and have higher rates of job satisfaction.

As a government we are keen to change perceptions about what is possible.

The government's recently announced National Innovation Statement committed $13 million to encourage more women into the Science, Technology, Engineering and Maths (STEM) industries over the next five years.

Online computing and coding challenges are being made available to every Year 5 and Year 7 student from July this year.

Educated and empowered girls are far more likely to succeed and become our future leaders.

Evidence shows that gender-balanced boards understand clients better and bring in stronger financial returns.

Credit Suisse found that from 2005 to 2014, boards with a higher-than-average percentage of women outperformed those with fewer than average by 36 per cent.

Addressing gender equality is not something we can confine to the too-hard basket. We simply cannot afford such complacency.

In today's increasingly globalised world where competitive advantages between nations are constantly being sought, we cannot overlook this opportunity for economic growth.

We must address the barriers that limit women's workforce participation.

The longer we wait the longer we are knowingly thwarting our own progress – no business could afford to let this happen and nor can any responsible society.

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