Australia’s gender pay gap is the smallest it has been for 20 years – but insurance is lagging behind the field.

Figures released by the Workplace Gender Equality Agency (WGEA) today show the national pay gap now sits at 14.6% for full-time employees, down from 15.3% a year ago.

However, “financial and insurance services” remains the worst-performing sector with a pay gap of 26.6%, down from 29.6%.

WGEA Director Libby Lyons says the record low is great news, but there is no room for complacency.

“This great result is recognition of the work employers have done in addressing issues such as pay equity.

“However, we cannot become complacent as there is still much work to do.

“All employers need to continue to ensure their employees are paid equitably. Do a pay gap analysis. Report the results to the executive and board.

“Pay gaps close when leaders see the numbers.”