CANBERRA, Nov. 20 (Xinhua) -- The Australian government has revealed a 109 million Australian dollar (79.5 million U.S. dollar) package to "build financial security" for women.

The initiative, announced by Minister for Women Kelly O'Dwyer in a speech to the National Press Club on Tuesday, will make it easier for women to leave abusive relationships without having to worry about their personal finances.

Under the plan women fleeing domestic and family abuse will be granted early access to their pension funds, which can normally only be accessed when a person retires, and be eligible for no-interest loans for relocation and essential household items.

"In October 2018, women's (labour market) participation rate was 60.5 percent; and the gender pay gap is moving in the right direction and is down to a record low of 14.5 percent," O'Dwyer said.

"But despite this progress, some problems still persist. Women are likely to earn less than men; they are likely to work part-time at over twice the rate of men; and at retirement age there is a 42 percent gap in their (pension fund) balances.

"Women continue to trail men in three key economic measures: participation in the workforce, earning potential and economic independence."

More than 50 million Australian dollars (36.4 million U.S. dollars) will be spent on helping separating families settle property disputes outside of court and the Workplace Gender Equality Agency will receive an additional 8 million Australian dollars (5.8 million U.S. dollars) in funding.

The announcement comes only months after the governing Liberal-National Party (LNP) was accused of fostering a culture of bullying and failing to elect enough women by outgoing parliament member Julia Banks.

Banks' allegations echoed the sentiment of Julie Bishop, who served as deputy leader of the Liberal Party for 11 years between 2007 and 2018, who in September said that the party had "a problem in attracting women" and achieving diverse representation.

"Even though we have come a long way, we still want Australian women to be able to do even better," O'Dwyer said on Tuesday.

"We want to ensure that women can build their financial security to help them choose their own path so they and their families can live their best lives."

"These new measures will help just give women and their families greater choice, and will also help grow the Australian economy."

"When women do well, their families do well, and our economy and nation prospers."