Australia needs urgent legislative changes to end economic inequality between men and women, a government taskforce found, highlighting the problem costs the economy A$128 billion ($80 billion) a year.

Women who have at least one child earn A$2 million less over their lifetime than male counterparts, a report released by the taskforce in Canberra on Monday showed. Chaired by businesswoman Sam Mostyn, it issued a suite of immediate and long-term recommendations, including boosting government-funded parental leave.