Yes vote to add $2 billion to economy

WEDDING businesses won’t be the only big winners from the Yes vote — even productivity in your workplace could enjoy a boost.

SAME-SEX marriage will be big business for Australia with the potential to add billions to the Australian economy.

Industries associated with weddings, tourism and retailers will be the winners. In addition there will be increased state government revenue from marriage certificates and greater workplace productivity due to a more inclusive society.

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The losers will likely be consumer and business confidence in the short term while the political uncertainty over how to best legislate the Yes vote ensues. New Zealand’s tourism industry will take a hit due to less same-sex Australian couples crossing the Tasman to marry.

Shane Oliver, chief economist at AMP, said over the next five years the net economic impact of legalising same sex marriage could be around $2 billion.

“In percentage terms it wouldn’t be great enough to justify revising up our economic forecast or our interest rate forecasts but it will still boost confidence and industries associated with weddings,” he said.

He said productivity in workplaces could also improve due to members of the LGBTI community feeling more accepted.

Sharlini Scholtz and Devon Indig join marriage equality supporters celebrating the survey result at Prince Alfred Park in Surry Hills, Sydney. Picture: Toby Zerna

“A more diverse workforce is a more productive workforce,” Mr Oliver said.

ANZ senior economist Cherelle Murphy, who crunched the numbers on the benefits of same sex marriage, said additional expenditure on weddings alone would be $650 million in the first 12 months.

“If marriage equality was legislated, we believe same-sex weddings would have a positive, though very small, impact on economic activity,” Ms Murphy said.

“A small boost to consumer confidence is also possible given that recent polls show most Australians support marriage equality.”

New South Wales, Victoria the ACT and Northern Territory would be the biggest locations to benefit according to Ms Murphy’s report, with the largest LGBTI populations and most sought after wedding locations.

Queensland could benefit from more LGBTI honeymooners.

Crowds gathered in front of the State Library of Victoria to hear the outcome of the same-sex marriage vote. Picture: AAP

Tourism Australia Managing Director John O’Sullivan said the Yes vote further reinforced Australia’s global reputation as an inclusive and welcoming destination for all international visitors.

“From a tourism point of view, the pink dollar is big business and same sex marriage tourism is on the rise. Nearly half of LGBTI couples who tied the knot in New Zealand last year came from other countries,” Mr O’Sullivan said.

New Zealand’s Department of Internal Affairs state 997 same sex couples with Australian addresses listed for both partners have travelled to New Zealand to get married since NZ legislation was passed in 2013.

“If the law changes in Australia, many same sex couples will no doubt choose to be married in Australia. However we believe that New Zealand is a great destination for a wedding, honeymoon or romantic getaway — for all travellers,” a spokeswoman for Tourism New Zealand said.

According to the 2016 Census, there were nearly 47,000 same-sex couples in Australia.

Juliana Payne CEO of the Restaurant & Catering Industry Association said the hospitality sector would benefit greatly from legalising same-sex marriage.

“While it’s impossible to know exactly how many more weddings there will be ... Australians are now spending more money than ever on weddings ... if you assume that around 60 per cent (of wedding costs) are hospitality-related, that represents $36,000 per wedding or $390 million of economic benefit in total,” she said.

Originally published as Yes vote to add $2 billion to economy