Financial and Insurance service industries were the most effected

The difference in remunerations further added to the discrimination

Discrimination was highlighted as one of the main factors for the pay gap

Women in top management positions in Australia earn $100,000 less per year than their male counterparts and the higher they climb the larger the pay gap, a new report has found.

The report Gender Equity Insights 2016: Inside Australia's Gender Pay gap analysed the data of four million workers and 12,000 employers.

The persistent gender pay gap is a combination of economic, political and social issues that are generally associated with a worker's family circumstances and their labour market histories.

Surprisingly, managerial gender pay gaps were found to be more of an issue in female-dominated industries than male-dominated industries.

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Women in Key Management Personnel positions working full-time earn on average $100,000 less than their male counterparts (stock pic)

Bankwest Curtin Economics Centre Associate Professor and report author, Rebecca Cassells, said the 'large and persistent gender pay gaps' between men and women executives - suggesting managers were deliberately paying men more.

'This is further evidenced by the greater additional remuneration that men receive, compared to women, beyond their base salary in the form of bonuses and other discretionary pay,' she said.

The report indicated if full-time men and women move through positions at the same pace and reach a top tier managerial position in their tenth year, women will still earn less as men can expect to earn $2.3 million and women $1.7 million in base salary.

However, the pay differences between men and women fell by 6.3 per cent if a company increased its board representation of women to 50 per cent.

WGEA Director Libby Lyons has called on businesses to re-consider as well as address their gender pay gaps.

'This report shows that all industries, including female-dominated industries, have work ahead of them to improve gender pay equity,' Ms Lyons said.

'I urge all employers to look closely at their own pay data and recruitment strategies to uncover and address gender pay gaps'.

The overall pay gap for full-time and casual female workers was significantly lower

In order to address the issue, the report found that more women are needed to be assigned onto corporate boards

The report Gender Equity Insights 2016: Inside Australia's Gender Pay gap uses data from four million workers and 12,000 employers collected by the Workplace Gender Equality Agency (stock pic)

Olivia Ruello, CEO of Business Chicks, told Daily Mail Australia it is shocking that Australia is still dealing with the gender pay gap.

‘This is appalling, but not surprising. As it stands the pay gap is currently 17.9 per cent in Australia and in every single industry there is a pay gap favouring men,’ Ms Ruello said.

‘Equal pay is not a privilege, it’s a right, and it’s shocking that in 2016 we still have to be fighting for that right.

‘We need greater transparency and accountability. Companies need to be transparent about what they’re paying their staff. And the unconscious (and sometimes conscious) biases that favour men in hiring and promoting need to change’.

Ms Ruello also advised women to take the initiative and address the issue with their boss if discrepancies are occurring.

‘Having the conversation with your boss is the first step. We need to start getting comfortable with being uncomfortable. You have every right to demand equal pay – don’t apologise for it.’

The Financial and Insurance Services industry recorded the largest full-time gender pay gap, when measured by both base salary and total remuneration.

Women employed full-time within these organisations can expect to earn on average around $30,000 or 27 per cent less each year than their male co-workers.

The professional, scientific and technical services had the second-highest pay gap followed by administration and support services.