If the gender gap in superannuation were to close it could inject nearly $146 million into the country's super system, according to Colonial First State Global Asset Management (CFSGAM).
CFSGAM's 'Power of Closing the Gap' report found this could be the case if the super and participation gap were eliminated, where the participation rate and median super balance of females were the same as that of males.
"Given that these calculations are based on the median not the average (which is significantly higher) it is not unreasonable to assume that the actual impact could potentially be even larger," the report said.
One of the report authors, CFSGAM senior analyst, economics and market research, Belinda Allen, said there was still an unexplainable gap in wages that only increases as women approach retirement age.
Allen said this was the case even when differences in the level of participation in the workforce, time taken out of the workforce for caring responsibilities, and different labour characteristics of male and female workers were taken into account.
CFSGAM analyst, economics and market research, Carlos Cacho, said: "Currently the median super balance of an Australian woman is 35 per cent less than that of a male".
"If super balances were equal, based on the current number of women in the workforce, there would be an aggregate dollar increase of $94 billion," Cacho said.
Allen noted that changes in social attitudes towards women in the workforce and government policy had a key role to play in improving income equality for women.
"However, empowering women to take control of their financial wellbeing and providing them with confidence when making investment decisions could be a more immediate solution to improving the wealth of Australian women approaching retirement," Allen said.
The report pointed to a McKinsey Global Institute study that found that if women participated in the labour market in an identical way to males an estimated US$28 trillion ($36.7 trillion) could be added to the global economy by 2025, an increase of 26 per cent.