Financial sector shows significant improvements
SYDNEY — Recent data from the Workplace Gender Equality Agency (WGEA) highlights a modest reduction in Australia’s gender pay gap, according to their latest report. The average employer gender pay gap decreased from 12.1% in 2023-24 to 11.2% in 2024-25, showing progress yet underlining the need for continued efforts.
The financial services sector, often scrutinized for pay disparities, showed a notable improvement, with the gap closing from 22.2% to 21.4%. At HESTA, a major superannuation fund, the average pay gap fell to 9.9%, the first time it has dropped below 10%. HESTA aims for a pay gap of +/- 5% by 2028.
HESTA’s Efforts and Broader Context
HESTA CEO Debby Blakey highlighted the importance of this progress, stating, “Today’s pay gap data demonstrates critical progress toward gender equality, although we have seen the pace of change slow in some areas.” She emphasised the necessity of urgent action from Australian workplaces to accelerate the push towards true gender pay equity.
Blakey pointed out that the gender pay gap significantly impacts women’s retirement outcomes, as they generally retire with about 25% less superannuation than men. HESTA’s initiatives, such as the 40:40 Vision launched in 2020, aim to achieve gender balance in executive leadership among ASX300 companies by 2030.
The announcement comes amid a broader industry trend towards transparency and accountability in gender equality. WGEA’s annual reports serve as an important benchmark for Australian businesses, encouraging them to set quantitative and time-based targets to achieve change.
Despite these gains, experts argue that more comprehensive policies and strategies are necessary to close the gap entirely. This includes addressing systemic barriers and promoting equitable work cultures across all sectors. ongoing education and advocacy are crucial to maintaining momentum in achieving gender pay equity. As the conversation around gender equality evolves, stakeholders are urged to remain committed to creating inclusive environments that support women at all stages of their careers.
Source: newshub.medianet.com.au
Last updated: 1 April 2026, 10:33 am
