In a speech on Monday, Mr Bowen will say that it would be better if equality was achieved without quotas, but quotas worked.

"It would be better if the private sector got its act together of its own volition. But plenty of people and organisations ... have made good and strong efforts with not enough progress," he will tell the Women in Economics Network in Sydney.

"If not enough progress is made in the next couple of years to get more suitably qualified women on boards, quotas should be considered by the federal government."

Mr Bowen's comments signal a significant shift in Labor thinking on corporate appointments. While Labor has quotas for its own preselections, its party platform specifically mentions "targets" for women only on government boards.

In his speech, which also talks about the gender pay gap and women's workforce participation, the shadow treasurer says: "Bill Shorten, Tanya Plibersek, [employment spokesman] Brendan O'Connor and the entire shadow cabinet understand the importance of putting the issues I have talked about today ... on the agenda."

The Australian Institute of Company Directors has set a 30 per cent target for women on boards by 2018. As of the end of May this year, 25.4 per cent of directors on ASX200 boards were women. This is up from 8.3 per cent in 2009.

While the Coalition is traditionally opposed to the idea of quotas, it has supported targets for women on government boards and increased the target from 40 to 50 per cent of positions overall last year.

Mr Bowen's comments come as a government senator urges her colleagues to do more to increase the number of Liberal women in Parliament.

With Liberals meeting in Sydney for the party's federal council over the weekend, WA senator Linda Reynolds said Liberals should look at the rigorous British Conservative Party model of preselecting candidates to address gender equality.

The Tories demand that anyone who wants to stand for the party must first go through a five-hour assessment by a Parliament Assessment Board. This looks at the skills needed for effective MPs, including communication skills, intellect, the ability to relate to people, leadership, resilience and core values.

If people pass, they go on to an approved list of parliamentary candidates and can then apply to constituencieslooking for candidates.

"It's a genuine merit-based test," Senator Reynolds said, adding it had boosted female representation for the Conservatives.

The percentage of Conservative female MPs rose from 9 per cent in 2005 to 21 per cent in 2017.

While the Liberal Party, with its state bodies, has a different structure to its British cousins, Senator Reynolds said it would still be possible to do something similar to the Parliament Assessment Board in Australia.

Last year, the Liberal Party adopted a plan to increase diversity, including a target of 50 per cent female representation by 2025.

But with women making up about 21 per cent of the party's federal MPs, Senator Reynolds said concrete steps were needed to reach the goal.

"I don't think we need any more conclusive proof that action is required," she said.

The WA Liberal said fixing the gender balance was not just a question of equality but electoral survival.

"We're losing women voters and we're losing younger voters," she said.