Women in the financial and insurance services sector suffer the biggest pay inequality in Australia.

They received $48,884 less total remuneration on average for full-time roles than their male counterparts last financial year, the Workplace Gender Equality Agency’s latest report says.

The 30.3% pay gap exceeds the national rate of 21.3%, with men receiving $25,717 more annually. On a base salary basis, the insurance sector pays women $27,353 less.

The sector has topped the rankings since 2013/14, when the agency started keeping track of wage inequality.

But strides have been made, with the gap down 5.8 points from 36.1% in 2013/14. This mirrors progress at the overall level, with the gap last year registering its biggest annual drop of 1.1 point to 21.3%.

Suncorp, whose CEO Michael Cameron was last year appointed the agency’s Pay Equity Ambassador, has urged the industry to lift its game.

“Achieving pay equity and gender balance must be a focus across the industry,” Suncorp EM Talent Tanya Johnson told insuranceNEWS.com.au.

“It is an important part of our diversity and inclusion plan, and we strive to maintain balanced gender representation across the business. We have achieved gender balance across all leadership roles, and are committed to gender equality through our practices such as recruitment, flexible working and remuneration.”

The Workplace Gender Equality Agency says there is no room for complacency.

“Although the gender pay gap has narrowed every year, progress is too slow… our data also highlights areas for improvement,” Director Libby Lyons said. “Access to parental leave has not improved, with the provision of paid primary carers’ leave actually going backwards.

“The glass walls persist in industry segregation, which remains deeply entrenched in Australia. The glass ceiling is still a barrier for women at the CEO and board levels.

“We now need even more employers to take action.”

The proportion of women in CEO or head-of-business roles increased to 17.1% from 16.5% in 2016/17, up 1.4 points from five years ago.

At the management level, financial and insurance services place sixth with a 40.7% female representation rate. The healthcare and social assistance sector scores best on 70.2%.

The agency’s scorecard covers more than 40% of employees, with women making up 50.1% of the data set.