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Morgan Stanley, UBS and Bank of America have some of the biggest gender pay gaps in Australia, according to a government survey, more than twice as high as the average of 19 per cent.
The survey of almost 5,000 companies employing more than 100 workers published for the first time on Tuesday showed that the country’s gender pay gap remains widest in the construction, banking and consulting sectors.
Some of the highest gaps recorded were by the local operations of investment banks. At UBS, women were paid 43 per cent less than men. At Morgan Stanley the gap was 48 per cent, and at Bank of America, 42 per cent. Several of Australia’s biggest companies, including Qantas, BHP and Macquarie, all recorded results above the national average.
“We are confident that regardless of gender, employees are paid equally for the same or similar role, for work with equal value,” UBS said, adding that the bank’s strategy was to hire, 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 per cent, said that while men and women doing the same job were paid equally, there were more men in senior roles with higher overall remuneration. The bank said it is committed to increasing the number of women in those senior roles.
“We recognise that a significant contributor to the gender pay gap is the underrepresentation of women in higher-paying, senior and client-facing roles at Citi and throughout our industry, as well as the underrepresentation of men in support and administrative roles,” said Mark Woodruff, chief executive of Citi Australia.
Katy Gallagher, Australia’s finance minister, said the data released by the government’s Workplace Gender Equality Agency showed that there was a “substantial problem in this country” on pay.
“This is not about shaming or naming, it’s not about saying men should be paid less, it’s about driving change in those organisations so women get a fair crack at opportunity,” she said.
The difference between the total remuneration gender pay gap at 19 per cent and the base salary gap at 14.5 per cent was attributed by the WGEA to higher levels of employment of men in industries where bonuses and other benefits are paid, such as banking and consulting.
The construction industry had the widest gap at 32 per cent, followed by financial and insurance services at 26 per cent. In contrast, the mining sector had a gender pay gap of 15 per cent and accommodation and food services at 2 per cent.
Some of Australia’s largest companies, including Qantas, Macquarie, Telstra and Coles, have female chief executives but they remain under-represented in broader management roles. It could take until 2053 to close the gender pay gap in Australia, according to a recent study.
Liz Broderick, a lawyer who served as Australia’s sex discrimination commissioner for eight years, said that pay equality remained a “persistent and pervasive issue that undermines women’s economic security” and that “collective action” would be required to change the picture.
“Today all across our country women and men will be learning for the first time the extent of the gender pay gap in their organisation and their sector,” she said. “I imagine there will be many who are disappointed and angry.”
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