Big four banks all have gender pay gaps wider than 17 per cent
Australia’s big four banks all lag behind other workplaces when it comes to this national figure, a common theme in the finance industry.
Australia’s big four banks all have gender pay gaps wider than 17 per cent, the latest data shows.
Published on Tuesday, the Workplace Gender Equality Agency’s updated gender pay gap data shows Commonwealth Bank and Westpac have average total remuneration pay gaps of 21.6 per cent. NAB pays the average male employee 18.2 per cent more than women, and ANZ’s gap is 17.2 per cent.
The gaps at CommBank, NAB and Westpac have all ticked down 0.8 percentage points in the past year, while ANZ’s gap decreased 1.6 points.
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By continuing you agree to our Terms and Privacy Policy.Pronounced gender pay gaps are more common in finance and insurance companies than in mining, construction and the trades.
But across Australia, for every $1 a man is paid, women on average earn 88.8 cents.
It is illegal to pay someone less because of their gender; this gender pay gap data is a reflection of men holding more high-paying roles at a vast number of organisations.
Of the 10,500 companies who are now required to submit their gender pay gap data, 50 per cent have a gap of 11.2 per cent. In the finance and insurance sectors, 85 per cent of (396) companies have a gap bigger than the benchmark average of 11.2 per cent compared with 84 per cent in construction, 81 per cent in mining, and 80 per cent in the electricity, gas, water and waste trades.
Commonwealth Bank’s staff is 54 per cent women; at the banking giant, 69 per cent of its lowest earning quartile of workers are women.
At Australia’s most valuable company, BHP Group, the average gender pay gap is less than at the Commonwealth Bank (19.5 per cent versus 21.6 per cent), though the average female BHP worker is more likely to be in the lowest earning 25 per cent of staff.
The huge gender pay gaps in Australia’s finance sector typically get wider at insurance companies too.
QBE Insurance has a pay gap of 23.5 per cent, and the average male Medibank Private employee is on 26.8 per cent more than their average female colleague.
Workplace Gender Equality Agency chief executive Mary Wooldridge said the third edition of the agency’s all-encompassing gender pay gaps data was closing some disparities.
“The difference on average between what men and women are paid is coming down,” she said.
“The majority of employers reduced their gender pay gap in the last 12 months.”
The data counts private companies, corporate groups and public sector organisations with more than 100 employees.
