If You Need Another Reason, SSM Will Give Our Economy A $1 Billion Boost

You’ve probably heard a bit about how legislating same sex marriage would affect the economy. It’s usually a footnote to the wider debate. And it should be: This is, first and foremost, about the right to love, and how we don’t offer our LGBTIQ+ community that same rights that heterosexual people currently enjoy.

Regardless, as PEDESTRIAN.TV’s resident finance writer, I want to take you through the numbers of how this could positively affect our economy. Because when you do break down the numbers, something crazy comes up: the legislation of same sex marriage could be one of the biggest economic boosts our country has ever seen.

As Tiernan Brady, Executive Director of the The Equality Campaign told PEDESTRIAN.TV:

The business case for supporting civil marriage equality is compelling. Enabling loving, committed couples to be married, regardless of their sexual orientation will contribute to a stronger economy and a more inclusive Australia

THE WEDDING INDUSTRIAL COMPLEX

First, let’s get the obvious out of the way: Weddings are expensive as heck. The second you mention the W-word to any venue, caterer, baker, DJ, tailor, or dressmaker, they inflate their prices quicker than you can say “I do”. According to ASIC, the average cost of an Australian wedding was $36,200, although more recent surveys have suggested a number as high as $65,482. The only good thing about that number is that it’s money being injected directly into the economy.

When you consider that surveys have shown that over half of Australia’s 46,800 same-sex couples have shown interest in getting married, and the above average cost of getting married, that would equate to an economic boost of over $840 million. Of that number, it’s estimated that there’d be a $7 million economic boost thanks to marriage license applications alone.

And this is being conservative with numbers: business writer Jessica Irvine puts this number as high as $3 billion.

This would make it one of the biggest economic boosts in recent memory, placing it in the realm of the 2009 Kevin Rudd stimulus package and the 2000 Sydney Olympics in terms of overall economic benefit.

IT DOESN’T END AT THE WEDDING

Of course, after any wedding is a honeymoon. If we were to legalise same sex marriage, we would also be recognising all same-sex married couples from around the world, offering them the same legal protections that heterosexual married couples already receive. Which, in other words, would make us a way better holiday prospect for couples around the world who want to spend their honeymoon smooching at Uluru, Bondi Beach, or the Great Barrier Reef. For example, Mexico City estimates that they’ve made an extra $100,000 per month in tourism revenue since legalising same sex marriage.

And there’s all the other, smaller, costs that married couples incur, from building a home together, to buying and raising pets, to raising a family. And, not to be a downer, but this also includes the possible costs of filing for divorce – 50% of all marriages end that way, anyway. All these spends would only rise by allowing our LGBTIQ+ friends to marry.

BUT WHAT ABOUT COSTS TO THE GOVERNMENT?

In short: there’s little to none.

See, once you’re in a relationship with anyone for over six months, you are considered by the government to be in a legal de-facto relationship. As Australian Marriage Equality explains:

Australia’s federal government already provides same-sex couples with the same financial entitlements as heterosexual couples. This means that tax rebates, Medicare rebates and superannuation benefits available to married couples are already available to same sex couples.

Simply put, all the costs they could have derived from the government (and thus, the taxpayer) are already in effect.

REDUCED HEALTH COSTS

Needless to say, our failure to legislate marriage equality has had a negative effect on the LGBTIQ+ community. Legal discrimination has sustained effects on the mental and emotional health of the LGBTIQ+ community. Additionally, the positive effects to physical, mental, and emotional health of being in a relationship, regardless of gender, are well documented.

It’s hard to estimate this one, but there would be definite benefits to the economy, in regards to reduced public health costs, a reduction in welfare payments, and the rise in self-managed healthcare (as most couples are more likely to be interdependent in regards to health outcomes).

WE’RE GIVING NEW ZEALAND MONEY

Seriously, the longer we take to legislate marriage equality, the more money we haemorrhage to other countries that do allow marriage equality.

Notably, it’s been reported by the Sydney Morning Herald that in the first year since legislating marriage equality, New Zealand saw an influx of over $550 million, most of that coming from Australians who just want to exercise their damn rights. Also worth noting that marriage equality has assisted in making tourism New Zealand’s number one industry, overtaking dairy. In other words, who doesn’t want to have a wedding on the set of Lord Of The Rings? Nobody. Even if you hate marriage that sounds awesome.

Look, it’s highly unlikely that anyone would be swayed by these numbers. As mentioned above, this is ultimately an issue about rights and ethics. But, for example, if you know a particular fiscal conservative relative who planned to skip the postal vote altogether due to apathy, consider sending them this. It might help them see this issue from a different angle.

Suncorp Money Boilerplate

More Stuff From PEDESTRIAN.TV