Media releases

The latest Workplace Gender Equality Agency (WGEA) gender pay gap data in Australian workplaces shows that some of the largest employers in banking, superannuation and finance have shown small improvements in their gender pay gaps.

“We’ve already seen a 4% reduction in the gender pay gap in the finance and insurance industry – the first meaningful reduction in decades,” FSU National President Wendy Streets said. 

“This real progress on the gender pay gap is largely because employers now have no choice but to comply with pay transparency laws.

“This is an important moment for gender equality in our sector. These gains would be at risk under a Peter Dutton-led government. 

“Peter Dutton has voted against most of the government’s women’s agenda, including pay transparency, and now wants to scrap important rights, like work from home arrangements for public servants, the right to disconnect and more. 

“Removing these protections will only send the gender pay gap back in the other direction.” 

The union said the companies in the finance sector showing the biggest improvement were Police Bank and IAG where the gender pay gap has been reduced by more than 10%. 

The companies with the biggest increase in the gender gap are 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.” 

See a full breakdown of the gender pay gap for employers in the finance industry here.

Media contact: Rebecca Nicholson – 0409 216 053