The Workplace Gender Equality Agency (WGEA) has released its latest findings on gender pay gaps within Australian companies, revealing that while 56% of employers have improved their pay disparities, a significant 79% still report pay gaps outside the ideal range of -5% to +5%.
The report highlighted particular challenges in high-paying sectors. The finance and insurance industries lag significantly, with a reported 22.2% difference in average total remuneration in favour of men, closely followed by the construction industry, which also showed substantial disparities.
Moreover, the WGEA total remuneration average gender pay gap is 21.8%. For every dollar a man earns on average, women earn 78 cents, leading to an annual disparity of $28,425.
This year’s analysis is notable as it includes CEO, head of business, and casual manager remuneration for the first time. Excluding these figures, the total remuneration gender pay gap would have dropped by 0.6 percentage points year-on-year.
A recent report from CoreLogic highlighted the broader economic impacts of these disparities, showing that only 58.9% of women earning under $100,000 are homeowners, compared to 85.5% of their higher-earning counterparts.
According to the 2023-24 report, which data encompasses a wider scope, analysing 7,800 employers and 1,700 corporate groups, three-quarters of employers still favour men in pay scales, particularly in higher-paying sectors.
WGEA’s detailed analysis now includes both average and median pay gaps, helping pinpoint specific areas of concern and prompting more targeted corrective actions.
“It’s encouraging to see that over 1,100 employers have met the target range for gender pay equity, but there’s still a long way to go,” WGEA CEO Mary Wooldridge (pictured) said.
The report emphasised the importance of understanding the unique factors contributing to each employer’s pay gap.
“Employers need to delve into their data to uncover the root causes of pay disparities and develop informed strategies to tackle them,” Wooldridge said.
This approach is vital as businesses navigate towards greater gender parity.
The latest WGEA results also highlighted the crucial role of internal reviews and employee consultations in addressing pay discrepancies.
With a focus on practical steps like enhancing parental leave policies and restructuring management roles to accommodate part-time positions, companies can foster more inclusive workplace environments.
espite the challenges, the push for gender pay equality is gaining momentum, driven by comprehensive data and proactive employer engagement. As companies continue to address these issues, the landscape of Australian workplaces is set to evolve, aiming for greater equity and inclusion across all levels of employment.
Read the WGEA media release and visit this page for more information.
