3 March 2026
New data today released by the Workplace Gender Equality Agency (WGEA) has revealed a modest decrease in the mid-point of the average employer gender pay gap from 12.1% in the 2023-24 report to 11.2% in the 2024-25 report.
In the financial services sector this figure improved from 22.2% to 21.4%. At HESTA, the average pay gap fell from 11.8% to 9.9% - the first time the figure has been below 10% - with the median pay gap also reducing, going from 8.7% to 8.4%. HESTA’s goal is an average pay gap of +/- 5% (5% to -5%) by 2028.
On release of the new data, HESTA CEO Debby Blakey said:
“Today's pay gap data demonstrates critical progress toward gender equality, although we have seen the pace of change slow in some areas. Urgent and decisive action is needed from Australian workplaces to accelerate the push to true gender pay equity.
“For many years HESTA has been a vocal advocate on key issues facing our members – around 80% of whom are women – including the importance of narrowing the gender pay gap. This pay gap remains a fundamental reason why women currently retire with about 25% less super than men, on average. Closing the pay gap remains a critical way we can help improve retirement outcomes for our members and women in Australia.
“This year HESTA’s average gender pay gap has fallen below 10% for the first time. This is a significant milestone, but we recognise there is still more to be done if we are to lower it even further.
“We continue to strive for gender balance at HESTA – defined as 40% women, 40% men, and 20% any gender – across our executive team, people leader cohorts, and the entire HESTA team. Our commitment to gender equality is reflected in our long-standing recognition as a WGEA Employer of Choice for Gender Equality for over a decade, and our certification as a Family-Inclusive Workplace since 2021.
“The WGEA data remains an important annual milestone to measure and assess the progress Australian businesses are making towards gender equality. It is vitally important that organisations continue to report transparently and set quantitative and time-based targets to achieve change.
“As an employer, advocate and investor, we remain committed to championing gender equality, diversity, and fair and equal remuneration as important areas to improve key financial outcomes for women and the economy.”
Background:
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HESTA launched 40:40 Vision in 2020, it seeks to achieve gender balance in executive leadership across all ASX300 companies by 2030.
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Since launching 40:40 Vision, HESTA has maintained at least 40% female representation on its executive team and board.
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HESTA’s like-for-like pay gap is zero, with all genders paid equally for the same role.
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HESTA exercised its voting rights, voting against directors at over 50 ASX companies in the 2025 Annual General Meeting season, leveraging shareholder power to address gender diversity gaps.
Ends.
About HESTA
HESTA is one of the largest superannuation funds dedicated to Australia’s health and community services sector. An industry fund that's run only to benefit members, HESTA now has more than one million members (around 80% of whom are women) and currently manages approximately $102 billion* in assets invested around the world.
*Information is current as at the date of issue.
