The wage gap in Queensland is higher than the average across Australia.
Based on recent data from the ABS, full-time men are making around 21% more than full-time women.
This is based on the fact that the average full-time income for men is $87,495 whereas the average full-time income for women is only $72,332.
Therefore, men make about $15,163 more than women in a year.
This works out to be a difference of around $292 every single week.
Saving for a home loan deposit
These differences mean that women need to spend a considerable amount of time longer saving for a home loan deposit in comparison to men.
Based on the median house price in Queensland, you would need to save around $97,800 to have enough for a 20% deposit.
Of course, this would be difficult for anyone to save on their own.
However, it would be even more difficult for a single woman compared to a single man.
If you were to put aside 10% of your income to save for a deposit, men would spend 11 years and 2 months to save for a deposit on a median-priced house in Queensland.
Women, on the other hand, would spend 13 years and 6 months saving up for the same amount. This works out to be 2 years and 4 months of extra time.
Is the wage gap real?
Of course, there has been a range of arguments against the wage gap. However, there is strong evidence from ABS and the Workplace Gender Equality Agency (WGEA) that there is a disparity in the amount women are being paid for the work they do.
Data from the WGEA shows that full-time working men are favoured over full-time working women in every industry and occupation category in Australia.
The worst sector for women is the financial and insurance services industry where the average difference between the genders is 26.9%.
Even in the public administration industry where the gender pay gap is the lowest, 5.1%, there is still a gap that shouldn’t be there.
Though you would think that the public sector has a lower pay gap, it currently sits at 10.4%.
The future of gender equality
Unfortunately, in the past 25 years, the numbers haven’t gotten that much better. In fact, in Queensland, the wage gap has actually gotten worse.
Despite sitting at around 20% a quarter of a century ago, it is now 21%.
However, this is definitely not the situation across all the states in Australia.
On average, the wage gap has only closed by around 2.42% across the nation. However, the government is definitely trying to put this issue forward. For instance, the Workplace Gender Equality Act 2012 aims to promote equality for men and women, including equal remuneration.
The gap is at a record low and if things keep moving in the same direction, hopefully, we’ll see it become a thing of the past one day.
Guest author: James Pointon is a Commercial Manager at OpenAgent.com.au, an online agent comparison website helping Australians to sell, buy and own property.