More than 80% of men incorrectly believe they earn the same as women in their own industries, new research from Westpac has revealed.
Australia's gender pay gap – the difference between women’s and men’s average weekly full-time equivalent earnings, expressed as a percentage of men’s earnings – is currently sitting at 17.3%, according to the latest figures released by the Workplace Gender Equality Agency.
But the survey of 1477 workers from across Australia reveals that many young people are completely unaware that the pay gap exists.
Just 15% of the men aged between 18 and 65 who were surveyed by Westpac said there was pay inequality in Australia.
Younger men were particularly unaware of the gap: just four out of every 100 men aged under 25 said they believed there was a pay gap between men and women in their industry.
The survey of almost 1500 Australians found 29% of women believed men earned more than women when both work in the same industry and
position, compared with only 15% of men.
Of the men surveyed, 24% admitted there was a "boys club" in their workplace.
The bank's director of women's markets, inclusion and diversity, Ainslie van Onselen said Australia currently had a gender earnings gap of $123.4 billion per year.
"We believe the first step is to recognise where your company stands on the numbers – what percentages of women are in senior management, what is the salary differential on like-for-like roles, what is your succession plan for leaders and whether you are actively building a pipeline of female talent," van Onselen said.