EU-SILC data from 2005 to 2015 indicate that, generally, the gap between mean wages earned by women and men in Austria is closing. The part of the gender gap that cannot be explained by observed characteristics widened before the financial market crisis broke out in 2008, but has since declined, altogether dropping by 3.0 percentage points between 2005 and 2015. During the same period, that part of the gender wage gap which is explained by observable characteristics rose by 0.7 percentage point. Men and women have become, on average, more equal both in terms of observable and unobservable characteristics which, ultimately, leads to a decline of the gender wage gap.