Statement on Gender Pay Gap Reporting period: 1 January to 31 December 2024

Our commitment to gender equality

The Reserve Bank of Australia (RBA) is committed to fostering an inclusive and equitable workplace where everyone feels respected and empowered to build a meaningful career. As Australia’s central bank, we serve the economic welfare of Australians; to do this well, our organisation must reflect the diversity of the community we serve. Transparency in our gender pay data is essential to understanding our progress and where we must do more.

Our gender pay gap results

The gender pay gap published by the Workplace Gender Equality Agency (WGEA) reflects the difference in average or median earnings between women and men in the workforce.

In 2024, the Bank’s average total remuneration gender pay gap is 8.5% and the median is 10.3%. Our pay gap has narrowed both on an average and a median basis as reflected in our 2023 results where our average gender pay gap was 9.5% and median was 11.5%.

Whilst this is positive progress, we acknowledge there is work still to be done.

Our internal analysis indicates the gap continues to be influenced by having fewer women in leadership, in roles in the top pay quartile and in certain roles attracting overtime payments.

Therefore, key initiatives we are undertaking to further narrow the gap include:

• Our Inclusion, Diversity and Belonging Strategy which includes Gender Equity measures around representation, building stronger early career pipelines, reducing the gender pay gap and supporting parents and carers.
• Focus on balanced representation: we have a target of 40% female, 40% male, and 20% either male, female, or non-binary representation in management and across the organisation. To maintain this representation, we continue to focus on equitable practices in the way we hire, promote, reward and develop by focusing on transparency of assessment criteria and consistency to mitigate any biases. We provide quarterly Gender Equity and Culture, Diversity, and Inclusion insights to executives around progress against our representation targets, talent pipeline and key trends.
• Ensuring equitable opportunities: we continue to support policies such as gender-neutral parental leave, payment of superannuation on unpaid parental leave, and formalised flexible working arrangements (hybrid and remote working, part-time, job share, flexible working hours). We also provide inclusive hiring training for all hiring managers and aim for gender-balanced and diverse recruitment shortlists as a standard.
• Regularly reviewing pay: we continue to conduct internal pay equity reviews, including as part of the annual Bank-wide remuneration review to identify and reduce any bias and inequities.