Research has identified a significant gender pay gap in labor market in many international contexts. However, research on this topic at the executive level is limited outside the US and the UK. This study examined the pay gap between male executives and female executives in Australia using the executive compensation information in major Australian firms in 2011. There are both similarities and differences between Australia and the US. We found that female executives earn less than male executives in Australia, but the size of the gender pay gap is smaller than that in the US. Similar to US findings, part of the gender pay gap is explained by a gender difference in positions held; female executives are particularly underrepresented in highly compensated executive positions. Unlike US studies, we found that female executives are more likely to hold positions in large firms in Australia. We expected that a gender pay gap would lead to higher turnover among female executives, but our analysis offers only a weak support for this prediction.