Financial and insurance services is one of only two industries in Australia with an average gender pay gap above 20%, a new scorecard shows.

The Workplace Gender Equality Agency analysis shows the industry’s mid-point pay gap by average total remuneration is 21.4% in favour of men.

The figure is down 1.5 points from a year earlier, but it compares with an 11.2% difference across all industries in Australia and is topped only by construction at almost 24%.

Women make up 53% of the financial and insurance services industry but only 37% of the upper pay quartile.

“In every industry, men are paid more, on average, than women. Women who work in industries with the highest average total remuneration often face the largest gender pay gaps in their workplaces,” the WGEA said.

The report shows 55% of employers have reduced the gender pay gap, and WGEA CEO Mary Wooldridge says the findings reveal a “deeper shift in understanding, analysis and engagement about workplace gender equality which is likely to accelerate change.

“Progress is happening. The proportion of women in the highest and lowest pay quartiles has shifted, with a 1 percentage point increase in women in the highest pay quartile and an equivalent decrease in women in the lowest-earning quartile.

“These are small shifts but they are positive. Our analysis shows they are underpinned by a growth in employer policies and actions that are necessary precursors to breaking down gender norms around work, leadership and caring responsibilities as well as improving employee safety.

“I am encouraged by the improvements we see.”

Men made up 20% of the 147,102 employees who took primary carer parental leave in 2024‑25, and the WGEA says the largest rises were in construction, rental, hiring and real estate services, manufacturing, and financial and insurance services. 

“Employers need to embrace and ensure a culture that enables men as well as women to spend meaningful time with their families,” it said.

There are 346,700 employees at 396 employers in financial and insurance services, with average annual total remuneration of $170,020.

That compares with $119,974 across all industries and is topped only by mining’s $202,157.