ANZ Bank calculates marriage equality would deliver swift, hefty boost to the economy

THOUSANDS of Aussie couples are waiting to shell out big dollars on wedding cakes and photographers ... and if gay marriage is legalised, it will be a huge boost for our economy.

The $1b gay wedding gift to Australia

SAME-sex marriage would deliver a boost to the national economy worth at least $500 million a year in additional weddings alone, a major bank has calculated.

The total economic benefit could be as much as $1 billion with small businesses and the service sector the winners.

Economic researchers for the ANZ Bank, Cherelle Murphy and Mandeep Kaura, have calculated the spending bonus would accompany greater social harmony. And contrary to gay marriage critics, the researchers forecast Australia’s global standing would be enhanced.

Prime Minister Malcolm Turnbull supports the law change but has abided by the cabinet decision under Tony Abbott to first have a national vote on the matter.

Should the law change, the economic benefits would come quickly as the pent-up demand for gay and lesbian nuptials was satisfied.

“Whenever it happens, the rush of same-sex weddings would have a positive impact on activity and confidence, particularly in New South Wales and the Australian Capital Territory,” said their report released today.

“Marriage equality will be a fresh and much-needed source of demand for the Australian economy.

“It will complement the federal governments’ agenda of boosting the small-business sector and lift confidence by securing additional sources of demand for the many retailers, hospitality and professional service businesses involved in the wedding and honeymoon industry.

“There are also additional economic benefits from an improved image of Australia as a more tolerant and progressive country.”

The paper estimates there are 37,000 to 38,000 same-sex couples who might get married if legislation is passed altering the federal Marriage Act.

Calculations were based on the assumption half this number would marry, and just half of these would wed in the first 12 months of the new laws.

“Based on an average spend per wedding of $51,000 that could add $500 million to $550 million to the economy in 12 months,” said the ANZ report.

“The risks to this figure are to the upside given our conservative assumptions. If half of the population of same sex couples chose to marry within one year, the benefits to the economy in the first year of the legislation would be over $1 billion.”

The indirect benefits would include improved social, health and welfare outcomes which would spill over into improved economic performance, said the report.

“The security that comes from a marriage would create an effective welfare safety net according to marriage equality lobby group, Australian Marriage Equality as spouses insure each other against a sudden loss of income,” it said.

“It would also lower levels of stress and mental health problem which are indirect consequences of legal discrimination and social exclusion according to the lobby group.”