Economy a likely $7bn loser if Matildas public holiday declared

A public holiday to celebrate the Matildas winning the FIFA Women’s World Cup could cost the economy as much as $7bn.

Swans Dane Rampe and Luke Parker, Matildas Steph Catley and Mary Fowler, and Sydney AFLW players Lucy McEvoy and Chloe Molloy.

A public holiday to celebrate the Matildas winning the FIFA Women’s World Cup could cost the economy as much as $7bn, as NSW Premier Chris Minns backs Anthony Albanese’s push for the nation to celebrate with a day off.

AMP chief economist Shane Oliver said a one-off public holiday equated to 0.3 per cent of the year and was the equivalent of about $7bn in the “worst-case scenario”, based on estimates that put the national GDP at $2.2 trillion.

However, Dr Oliver said workers in many industries sought to catch up on lost productivity in the rest of the week after a public holiday, which would offset the losses to about $3bn.

The Prime Minister has repeatedly called for state and territory leaders to consider declaring a public holiday if the Matildas win the final on Sunday, after a nailbiting quarter-final penalty shootout win against France on Saturday smashed viewing records.

Mr Minns announced on Monday that he would “pursue a public holiday in NSW” within a week, if the Matildas won the semi-final against England on Wednesday and then the final.

WA Premier Roger Cook has also backed the push, describing Mr Albanese as “the boss”.

Dr Oliver said the amount of warning businesses were given to prepare for the public holiday would also soften the economic impact, noting that a spontaneous declaration in the vein of Bob Hawke would cost the economy more.

The former prime minister famously declared “any boss who sacks anyone for not turning up today is a bum” after Australia won the America’s Cup in 1983, though the Monday following was not officially a public holiday.

“Hopefully there is a bit of notice,” Dr Oliver said.

“If the Matildas make it through to the final you wouldn’t know if it was a public holiday or not (on Monday).

“You could say Bob Hawke sort of did the same thing but he didn’t actually declare one … he said it in the moment of excitement and I think a lot of Australians would have worked on that day.”

AMP chief economist Shane Oliver says a Matildas public holiday could cost between $3bn and $7bn.

Dr Oliver said he was supportive of the public holiday push for national wellbeing, but added the loss of productivity could drive down economic growth, with the economy only growing by 0.6 per cent in the last September quarter.

“The economy is a lot slower so potentially it could tip you over the edge into a contraction, but the broader national interest would override all of that and justify having a day off if there is no decent notice,” he said.

Australian Medical Association president Steve Robson said he was thrilled about the Matildas’ win and hoped they would take home the World Cup, but warned about the impact on hundreds of thousands of Australians waiting for surgeries.

“Last-minute cancellations are terrible for patients who’ve waited, sometimes for years,” Dr Robson said.

Australian Industry Group chief executive Innes Willox said declaring a public holiday would be “economically destructive”.