Australia’s investment banking sector still leans heavily on a traditional model, with big base salaries topped up with even bigger bonuses for those who bring in major deals. According to the latest data from the national gender equality agency, this structure consistently leaves women behind on total remuneration even when base pay looks closer. Gaps are calculated across full-time and part-time staff and include salary, cash bonuses and equity, which means the biggest differences show up exactly where dealmaking power is concentrated.
At several leading global banks operating in Australia, women make up around 35 to 45% of the workforce but their presence sharply drops in the highest paid quartile, where average total packages often sit between about $600,000 and $1.36 million. One major Wall Street firm reports an average total remuneration gap of more than 60%, with women representing just under 10% of its best paid group where pay averages roughly $1.35 million. Other large international banks show average total remuneration gaps in the 33 to 56% range, typically with women making up only 16 to 25% of the top pay bracket.
Not every firm is moving in the same direction. A trans-Tasman advisory house has managed to narrow its average and median gaps to around 30% and 26% after several years of focusing on gender balance in intern and graduate intakes and then tracking how women progress into mid-level and senior roles. That firm’s leadership points out that a handful of senior hires or departures can swing the numbers from one year to the next but they see steady improvements as a sign that clearer pathways, stronger sponsorship and more transparent promotion processes are starting to have an effect. A diversified financial group with more than 5000 staff across multiple businesses also reports a smaller average total remuneration gap of just under 30%, helped by a higher share of women at about 37% in its top pay quartile even though many of its highest earning revenue generating roles still skew male.
Stepping back, the data suggests the sector’s gender pay problem is less about like for like base salaries and more about who gets access to the biggest bonuses, equity and leadership posts. Investment banks are increasing female representation in entry level and junior roles and some now report women filling close to half of all new positions and most graduate or intern spots, but progress into the top pay bands still looks slow and uneven. With remuneration so tightly tied to deal flow and seniority, even small shifts in leadership composition can make the official gap figures jump around year by year, yet the overall pattern seems to be that changing culture, promotion practices and client facing opportunities will matter more than one off pay adjustments if the industry genuinely wants those gaps to shrink over time.
