New research released by the Australian Marriage Equality group has found that Australia’s ban on same-sex marriage is hurting the economy.
The research paper released today projects that allowing Australian same-sex couples to marry would inject more than $700m into the national economy through expenditure on weddings. The figure is based on a formula developed by economists in the US.
It is consistent with a recent US study showing same-sex weddings injected $111m over five years into the Massachusetts economy. It also showed that highly educated, younger workers in creative industries were 2.5 times more likely to move to Massachusetts after marriage equality.
The Australian figure is also consistent with a study that projected marriage equality in California will inject $684m into the economy and create 2,200 jobs over three years.
As well as expenditure on weddings, the research points to further economic benefits such as an increase in overseas visitors coming to Australia to marry.
State and territory government revenues would also benefit from marriage equality. These governments collect revenue from issuing marriage licences and from conducting on-site ceremonies in state-run registries of births, deaths and marriages.
Using the formula applied to wedding expenditure, extra revenue collected by state and territory registries of births, deaths and marriages through marriage licence fees and ceremony fees paid by same-sex couples has been estimated at $7 million.
To see the full research paper, visit: www.australianmarriageequality.com