Women academics experience low regulation distance due to collective agreements, state regulation, unionization, and formalized policies. Using a large Australian survey, we find that the occupation is, overall, of mixed gender, but labor segmentation occurs within academia, as there are several labor markets related to academic disciplines. Internal pay gaps are minimized by rules on formal pay, but universities seek “flexibility” through discretionary bonuses. The immediate driver of the gender gap is uneven proportions of women at different levels of academia. Non-pay elements entrench gender-related barriers to advancement, including harassment, issues of insecurity associated with casual and fixed-term work, marginalization of new entrants into teaching-heavy roles, and the impact that norms about care responsibilities have on the domestic–work interface and on women’s access to social capital.