The Workplace Gender Equality Agency (WGEA) has released the gender pay gap in Australian workplaces. While this is only the second year this data has been made public, it clearly demonstrates the power of our new pay transparency reforms.
We’ve already seen a 4% reduction in the gender pay gap in the finance and insurance industry – the first meaningful reduction in decades.
- Biggest winners: Police Bank and IAG where the gender pay gap has been reduced by more than 10%.
- Biggest losers: Auto and General and Hume Bank where the gender pay gap has increased from last year and is over 5% greater than the industry average of 22%.
- Disappointingly, the gender pay gap for mutual employers in our industry like IMB Bank, Unity Bank and Regional Australia Bank is over 10% higher than the industry average.
- While we’re seeing some positive movement in the gender pay gap in our big four banks, CBA and Westpac both maintain a gap that is much higher than the industry average, with Westpac’s gender pay gap increasing.
How did your workplace fare?
Check our full breakdown of the gender pay gap for employers in the finance industry below.
Insurance
| Employer | Total remuneration gender pay gap (2022-23)* | Total remuneration gender pay gap (2023-24)* | Gender pay gap change over past 12 months** |
| HBF Health | 38.0% | 38.9% | 0.9% ↑ |
| Resolution Life | 31.0% | 26.6% | -4.4% ↓ |
| QBE | 25.7% | 26.0% | 0.3% ↑ |
| Auto & General | 25.2% | 27.9% | 2.7% ↑ |
| IAG | 25.2% | 13.5% | -11.7% ↓ |
| Zurich | 22.9% | 24.7% | 1.8% ↑ |
| Youi | 20.7% | 16% | -5.0% ↓ |
| RACWA Holdings | 20.1% | 16.9% | -3.2% ↓ |
| Suncorp | 20.1% | 17.5% | -2.6% ↓ |
| Allianz | 13.4% | 11.9% | -1.5% ↓ |
| Industry Funds Services | 0.6% | -0.1% | -0.7% ↓ |
Mutual banks
| Employer | Total remuneration gender pay gap (2022-23)* | Total remuneration gender pay gap (2023-24)* | Gender pay gap change over past 12 months** |
| Regional Australia Bank | 37.2% | 37% | -0.2% ↓ |
| Unity Bank | 35.5% | 35.6% | 0.1% ↑ |
| IMB Bank | 33.1% | 32.9% | -0.2% ↓ |
| Police and Nurses Limited | 28.1% | 21.6% | -6.5% ↓ |
| TMBL | 27.6% | 24.6% | -3.0% ↓ |
| Hume Bank | 27.4% | 30.7% | 3.3% ↑ |
| MyState Bank | 27.0% | 24.8% | -2.2% ↓ |
| Police Bank | 26.9% | 13.6% | -13.3% ↓ |
| Community First CU | 25.9% | 22.8% | -3.1% ↓ |
| Defence Bank | 25.0% | 22.1% | -2.9% ↓ |
| Australian Mutual Bank | 24.6% | 19.8% | -4.8% ↓ |
| Heritage and People Choice Limited Bank | 23.5% | 27.2% | 3.7% ↑ |
| Qudos Bank | 18.2% | 11.3% | -6.9% ↓ |
| Beyond Bank | 9.1% | 12.6% | 3.5% ↑ |
| Bank Australia | 8.5% | 15.2% | 6.7% ↑ |
| Employers Mutual Management | 3.2% | 4.8% | 1.6% ↑ |
| Bank Vic (Police Financial Services Limited) | 27.9% | 20.3% | -7.6% ↓ |
Superannuation
| Employer | Total remuneration gender pay gap (2022-23)* | Total remuneration gender pay gap (2023-24)* | Gender pay gap change over past 12 months** |
| Aware Super | 23.6% | 23.5% | -0.1% ↓ |
| Host-Plus Pty | 22.3% | 16.3% | -6.0% ↓ |
| UniSuper | 21.7% | 14.9% | -6.8% ↓ |
| CBUS (United Super Pty Ltd) | 14.8% | 14.9% | 0.1% ↑ |
| Link Administration Rss Pty Ltd | 11.8% | 13.4% | 1.6% ↑ |
| H.E.S.T. Australia | 11.1% | 8.7% | -2.4% ↓ |
| AustralianSuper | 8.0% | 8.3% | 0.3% ↑ |
| Care Super (The Trustee for …2025) | 6.8% | 8.8% | 2.0% ↑ |
Banks
| Employer | Total remuneration gender pay gap (2022-23)* | Total remuneration gender pay gap (2023-24)* | Gender pay gap change over past 12 months** |
| ING | 32.2% | 29.5% | -2.7% ↓ |
| Bankwest (CBA Stats) | 29.9% | 27.8% | -2.1% ↓ |
| CBA | 29.9% | 27.8% | -2.1% ↓ |
| Westpac | 28.5% | 29.3% | 0.8% ↑ |
| Bendigo Adelaide Bank | 24.8% | 24.8% | 0.0% – |
| ANZ | 23.1% | 21.5% | -1.6% ↓ |
| BOQ | 21.9% | 20.6% | -1.3% ↓ |
| NAB | 18.8% | 18.0% | -0.8% ↓ |
We’re at a pivotal moment for gender equality – we’re beginning to see meaningful progress on the gender pay gap for the first time largely because bosses now have no choice but to comply with pay transparency laws and take action.
But these very laws are at risk if Peter Dutton and the LNP win the upcoming federal election. After voting against most of the government’s women’s agenda, including pay transparency, they’ve now committed to scrap important rights, like work from home arrangements for public servants, the right to disconnect and more. This will only worsen the gender pay gap.
Make no mistake – we still have a long way to go.
*Median total remuneration taken from WGEA data available at https://www.wgea.gov.au/Data-Explorer/Employer
** ↑ indicates the gender pay gap has increased and ↓ indicates the gender pay gap has decreased.
