Opposition treasury spokesman Joe Hockey says he would back enforced quotas that ensure 30 per cent of board positions are occupied by women.

He says corporate Australia has been given long enough to improve gender equality on the executive level after talking about it for more than a decade.

"If they don't meet a reasonable target within a period of time, then more punitive measures need to be taken by the parliament," he told ABC's Q&A program.

"I would think that you would need to have a target of about 30 per cent."

Women make up about 25 per cent of board appointments in Australia at the moment, but it slips to 11 per cent for the top 200 companies listed on the Australian Securities Exchange.

Mr Hockey says it is time for real action, although he insists quotas are a last resort.

"Corporate Australia has had so many warnings, they've put in place so many programs ... but Australia has actually fallen behind," he said.

"I just don't understand how you can claim that as a director of a company, that all wisdom and knowledge lies in the hands of men only."

Minister for the Status of Women, Kate Ellis, says the Government is committed to its election pledge to have women make up 40 per cent of public board positions by 2015.

It is hoping for improvements in female board numbers when a census wraps up in 18 months, but Ms Ellis would not be drawn on taking faster action with the opposition's help.

She says businesses have shown to be more productive with female board members and it is time Australia got the return from educating and training them.

Westpac chief Gail Kelly, one of Australia's most prominent female executives, says she is already seeing significant changes in the boardroom.

But she would like to see organisations left alone to make their own targets, rather than be forced by law.

Ms Kelly earlier laughed off her standing as one of Forbes magazine's 10 most powerful women in the world, noting that she was "sandwiched between Lady Gaga and Beyonce".

"I absolutely hate it when people introduce me in that way. It's one of those sort-of, lovely, causes-a-laugh kind of conversations," she said.

- AAP