Financial services remains the worst offending Australian industry with relation to the gender pay gap, but new data shows the divide is steadily closing.
Data from the Workplace Gender Equality Agency’s (WGEA) 2017 Gender Equity Insights report found men employed full-time within the financial services industry earned on average 25.9 per cent more than their female peers in the 2015-16 financial year.
“Organisations within the financial and insurance services industry continue to record the largest full-time gender pay gap, when measured by either base salary or total remuneration,” the report said.
“Women employed full-time can expect to earn on average around $30,000 or 26 per cent less each year in base salary than men employed within the industry. This gap increases to more than $52,000 or 33 per cent when taking into account additional remuneration including superannuation, bonuses and other discretionary pay.”
However, this marks a 1.4 per cent decrease on the 27.3 per cent gap in the 2014-15 financial year, while other industries such as construction and retail trade saw the gap increase.