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Morgan Stanley, UBS and Bank of America have some of the largest gender pay gaps in Australia, according to a government survey, more than double the average of 19 per cent.
The survey of nearly 5,000 companies employing more than 100 workers, which was first published on Tuesday, showed the country's gender pay gap remains widest in the construction, banking and consulting sectors.
Some of the highest gaps recorded were in the domestic operations of investment banks. At UBS, women were paid 43 percent less than men. At Morgan Stanley the gap was 48 percent, and at Bank of America it was 42 percent. Many of Australia's largest companies, including Qantas, BHP and Macquarie, recorded results above the national average.
“We are confident that regardless of gender, employees receive equal pay for the same or similar role, for work of equal value,” UBS said, adding that the bank's strategy was to recruit, retain and promote more women.
Morgan Stanley did not immediately respond to a request for comment and Bank of America declined to comment.
Citigroup, which has a pay gap of 29 percent, said that while men and women doing the same job are paid equally, there are more men in senior roles with higher overall wages. The bank said it is committed to increasing the number of women in those senior roles.
He said: “We recognize that a significant contributing factor to the gender pay gap is the underrepresentation of women in higher-paid, more senior, client-facing roles at Citi and across our industry, as well as the underrepresentation of men in support and management roles.” . Mark Woodruff, CEO of City Australia.
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Australian Finance Minister Katie Gallagher said data from the government's Workplace Gender Equality Agency showed there was a “huge problem in this country” with wages.
“It's not about shaming or naming, it's not about saying men should get paid less, it's about driving change in those organizations so women have a fair shot,” she said.
The Gender Equality Working Group attributed the difference between the overall gender pay gap of 19 percent and the base salary gap of 14.5 percent to higher levels of employment of men in industries where bonuses and other benefits are paid, such as banking and consulting.
The construction industry saw the largest gap at 32 percent, followed by financial and insurance services at 26 percent. In contrast, there was a gender pay gap in the mining sector of 15 percent and in accommodation and food services of 2 percent.
Some of Australia's largest companies, including Qantas, Macquarie, Telstra and Coles, have female CEOs, but they remain underrepresented in broader management roles. It could take until 2053 to close Australia's gender pay gap, according to a recent study.
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Liz Broderick, a lawyer who served as Australia's Sex Discrimination Commissioner for eight years, said equal pay remained a “persistent and widespread issue that undermines women's economic security” and that it would take “collective action” to change the picture.
“Today, women and men across our country will learn for the first time the extent of the gender pay gap in their organizations and sectors,” she said. “I imagine there will be a lot of people who are disappointed and angry.”
