The university sector has been a leader in the development of equity and diversity policies in Australia, with most organisations providing strong protections against gender (and other forms of) discrimination as well as programs to support women's career advancement and comparatively generous parental leave policies. Within this context (although not necessarily causally driven by it) women's representation in higher levels of academia has increased significantly over the past 10-15 years. However the current picture varies considerably by discipline and organisational type, and overall women remain substantially under-represented in the top ranks of the academic workforce. The research reported in this paper examines ongoing influences on the careers of women and men in academia, addressing in particular some of the commonly assumed barriers to women's progression such as the gendered effects of parenthood and the distribution of teaching and administrative loads. We draw on a comprehensive national survey of academic staff conducted in 2011 (N=9,032) to investigate these issues. Our analysis indicates that women in the professoriate are significantly less likely than their male counterparts of similar age to have dependent children, thus raising questions over the capacity of the relatively generous policy context in universities to counter the career costs of parenting for women. The research also assesses the relevance of a range of other factors thought to impact on women's career progression in academia, including gendered workload patterns. Overall it provides some basis for a reconsideration of the most appropriate gender equity policies for contemporary universities.