The finance and insurance industry has one of the largest gender pay gaps - the average base salary gender pay gap is 19.2% and the average total gender pay gap is 22.2%. In comparison, the average base gender pay gap across all industries sits at 16.7%.
Despite this, many finance industry employers hold citations such as ‘employer of choice for gender equality’ and numerous finance industry CEOs are members of ‘male champions of change’ groups. The finance industry tries so hard to to attract and retain women in their workforce, why is the gap still so large? There’s no simple answer.
AI should be used in a way that:
Reference: Australian Government. Workplace Gender Equality Agency (WGEA) 2024 Visit WGEA
Through our ‘smashing the gender pay gap’ campaign, the FSU is committed to reducing the gender pay gap one worker, one employer at a time. Closing the gender pay gap requires cultural change to remove the barriers to the full and equal participation of women in the workforce. There are many ways businesses can reduce the gender pay gap. Issues like pay transparency, working to eliminate sexism and sexual harassment in the workplace and access to flexibilities to manage menstrual and menopause symptoms all play a part. There are also many things you can do in your workplace to help make it more equitable. Take a look at our resources below and explore some of the biggest drivers of the gender pay gap, find out more about how the gap is calculated and why transparency is essential to driving down the gap.
This International Women’s Day FSU National Secretary Julia Angrisano and ACTU President Michele O'Neil discussed what’s at stake this federal election, how we need continue the fight for gender equity, and celebrated working women across Australia.
The Workplace Gender Equality Agency (WGEA) has released its second round of employer-specific gender pay gap data, and the results continue to highlight serious issues within the finance industry’s largest employers.
You can view our breakdown of the latest gender pay gap data for employers in the finance industry or find your employer’s median gender pay gap on the WGEA website here.
The Financial and Insurance Services median total remuneration gap is 22.2%, down from 26.1% in 2024. This represents a significant 4% improvement in just one year, coinciding with the publication of employer-specific pay gaps for the first time in 2024.
While this reduction is a step forward, it remains clear that progress is still far too slow. At the current rate, eliminating the gender pay gap will take many more years. Employers in the finance sector must move beyond incremental change and take decisive action to address this inequality.
Through our Smashing the gender pay gap campaign, we are committed to breaking down the barriers that prevent women from fully and equally participating in the workforce.
Ready to take action in your workplace? We’ve prepared a range of resources to help you create meaningful change.
Smashing the gender pay gap - Interactive workplace poster
Smashing the gender pay gap - Workplace game - (instructions)
Impact of long term absence on the gender pay gap
State of play: Paid parental leave
Equal Pay Day - Frequently Asked Questions
Quick Facts: Starting the conversation on pay secrecy
Workplace Gender Equality Agency (WGEA) - Gender Pay Gap Data
Equal Pay Day 2023 information and explainer
FSU submission: Workplace Gender Equality Amendment (Setting Gender Equity Targets) Bill 2024
Recording: Inquiry into Workplace Gender Equality Amendment Bill 2024 22/1/25 (skip to 11.46)
FSU Report - The Price of Silence
FSU event - IWD 2022: Shining a light on the cost of pay secrecy
Starting the conversation on pay secrecy guide
Why You Should Tell Coworkers Your Salary - Adam Ruins Everything
Further reading:
Harvard Business Review: Can Transparency Laws Fix the Gender Wage Gap?
Women's Agenda: Pay Secrecy Feeds Pay Gaps. Transparency Can Change That.
Time: Should You Share Your Salary With Co-Workers? Here’s What Experts Say
Forbes: Pay Transparency Is The Solution To The Pay Gap: Here's One Company's Success Story
PayScale: What Is Pay Transparency & Why Does It Matter?
National Bureau of Economic Research: Do Firms Respond to Gender Pay Gap Transparency?
Online recording: How the Finance Sector Union are leading the menopause conversation
FSU Menopause and Menstrual Policy Framework
Here's why inclusive workplaces need menopause support (womensagenda.com.au)
Menopause policies are being adopted in workplaces. Is Australia ready for the change? (ABC News)
Driving the change: Menopause and the workplace (Circle-In)
Menopause remains taboo in most workplaces. This needs to change (The Guardian)
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