Media releases

Finance Sector Union (FSU) National Secretary Julia Angrisano said the Financial and Insurance Services median total remuneration gap (26.1%) has marginally increased in the past 12 months (25.9%) demonstrating that industry isn’t taking this problem seriously knowing that individual employer data would be open to scrutiny. 

“The finance industry has been well aware of the problem for a decade but has refused to address the gender pay gap,” Ms Angrisano said. 

“This is an indictment of an industry with enormous resources and awareness of the disparity between salaries for men and women.” 

“Instead, finance sector employers have chosen to redistribute billions of dollars each year that should have been going into the pockets of the women in their workforce.” 

“The worst offenders have gaps larger than the industry standard, including two of the Big Four banks – CBA (29.9%) and Westpac (28.5%). “ 

“Among the health funds, HBF (38%) and BUPA (33.7%) female employees earn less than 70c in the dollar compared to their male counterparts.  Some in the mutual banking sector – Regional Australia Bank (37.2%), Unity Bank (35.5%) and IMB Bank are earning less than 65c in the dollar.” 

“Multinational bank ING has one of the highest median base salary gaps of 36.1%.” 

“ANZ and NAB have gaps that are lower than the industry average, but women still earn more than 80c in the dollar less than men on median total remuneration. While these banks are marginally better than their competitors, their gender pay gaps remain an enormous problem.” 

Ms Angrisano said banking and insurance are essential services used by almost every Australian and it is unconscionable that in 2024 employers in the sector are profiting at the expense of their female workforces. 

Some employers in the finance industry have taken steps to address the issue. Women might consider working at IFS, Employers Mutual Management or Care Super which all report median base gender pay gaps less than 4%.  

“This is one race the finance industry should be ashamed of winning.” 

“These employers have known about their pay gaps for years and despite their weasel words, have done nothing     concrete to reduce the gap let alone eliminate it.” 

“If you’re a woman and want a job in the finance industry you might want to take a look at the data before you sign your contract.” 

“They say shining a light on a problem is the best disinfectant – let’s hope that finance employers see this as an opportunity to walk the walk and fix the problem rather than just talking about it.” 

Media contact: John Hill – 0412 197 079