Financial services has a gender pay gap of 26% in Australia, topped only by a gap of 32% in construction, data published today shows.

Women in financial and insurance services have a median remuneration of $103,308 a year, while men earn $139,845, meaning a gap of $36,537, the Workplace Gender Equality Agency says.

That compares with a national average of $78,484 median remuneration for women and $96,945 for men – a 19% gender pay gap. The data includes for the first time publication of pay gaps at thousands of private sector employers.

Agency CEO Mary Wooldridge says employers should be aiming for a gap no larger than 5%.

“For those employers whose gender pay gaps are higher than their industry peers, publication of the results today is a catalyst for action and change,” she said.

“The time for talk and excuses is over. Change takes action and employers need to double down on ensuring all employees are fairly represented and equally valued and rewarded.”

Industries with higher pay tend to have larger gaps, and the size and unequal distribution of bonuses has a significant impact, according to today's report, which is based on salary details for almost 5000 employers with 100 or more staff. 

Financial and insurance services is one of only three industries in which 90% or more employers have a gender pay gap in favour of men; more than 80% of those employers have a pay gap above 9%.

Other industries with gender pay gaps larger than 20% are professional, scientific and technical services; information, media and telecommunications; transport, postal and warehousing; and electricity, gas, water and waste services.

The equality agency says every industry in Australia has a pay gap in favour of men. Half of employers have a gender pay gap above 9%.

Accommodation and food services has the lowest gap at 2%.

The survey includes 64 “auxiliary finance and insurance services”. Included in that group are Steadfast, with a gender pay gap of 15%; Marsh on 23%; Aon on 27%; Allianz on 13%; AUB on 28%; PSC on 29%; and Suncorp on 20%. The median pay gap is 27% and average total remuneration $155,000.

Suncorp CEO Steve Johnston says the industry has “long held an unacceptable position among the top three highest gender pay gaps in Australia”. 

"We have implemented a number of actions over the past three years, and we have made good progress, but we know there is still much to be done. Reducing our gender pay gap ... is important for our industry, and for society,” he said.

For 63 “insurance and superannuation funds”, the median pay gap is 26%, with average total remuneration of $142,000. Included in that cohort are Hollard on a pay gap of 14%, Chubb on 9%, Berkshire Hathaway Specialty Insurance Company on 32%, QBE on 26% and IAG on 25%.

IAG says the key contributing factor is representation at senior leadership level.

“While IAG has a greater representation of women than men across our workforce, there are fewer women than men at senior career levels where role pay is typically higher, and fewer women than men in higher-paying roles,” it said.

IAG’s board has set a target of 40-60% of either gender represented, and is focused on recruiting more female directors. 

Federal Minister for Women Katy Gallagher says the gender pay gap is a “persistent and complex” problem that costs the economy $51.8 billion a year, and “transparency and accountability are critical for driving change”.

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