A survey of more than 9000 large employers representing five million Australian workers has found men employed in insurance fare substantially better than their female colleagues. 

The financial and insurance services sector has a median gender pay gap in favour of men of 22.2%, the second survey by the Workplace Gender Equality Agency found.

Across all of Australia’s employers, 72% of employers surveyed have a gender pay gap in favour of men and half have a median gap larger than 8.9%. 

The survey also revealed finance and insurance services is Australia’s second highest paying industry at $162,000 a year on average, only behind mining.  It compares with $116,000 Australia-wide. 

“High-paying employers are the most likely to have a gender pay gap in favour of men and a larger gender pay gap,” WGEA says. 

Women make up make 53% of the workforce in the finance and insurance sector, where 96% of companies pay men significantly more than women. Only 37% of the top quartile earners – receiving an average $307,000 a year – are female, while 67% of the lower quartile insurance workers on $76,000 a year are women.   

“For employers that haven’t made progress, it’s time to ask why – dig into the data to find out what’s causing any gender differences and use evidence-based solutions to address them,” WGEA CEO Mary Wooldridge said. 

See Analysis.