THE ANZ bank has released a report that says marriage equality would generate more than $1 billion into the Australian economy in the first year alone.

The report, released by ANZ statisticians Cherelle Murphy and Mandeep Kaura, indicated the five immediate economic advantages were expenditures on weddings, increase in service exports, the diversion of same-sex couples, increased state government revenue and a boost in consumer confidence.

[showads ad=MREC]The report also found that same-sex weddings would improve the image of Australia as a more tolerant and progressive country.

Australian Marriage Equality national director Rodney Croome said the Australian government should support marriage equality if it sought to improve the economy and boost small businesses.

“We call on the Turnbull Government to move quickly on marriage equality to stem the tide of same-sex couples marrying overseas and ensure the wedding spend of Australian same-sex couples boosts business and jobs in Australia,” he said.

The report also suggests Australia’s economic potential would indirectly increase as improved social, health and welfare outcomes would be experienced by the LGBT community.

“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,” Murphy said.

“It would also lower levels of stress and mental health problems which are indirect consequences of legal discrimination and social exclusion.

“We could also envisage Australia becoming a more attractive destination for business with several corporations in support of marriage equality preferring to do businesses here and in New Zealand than in other economies in the region.

“Already a number of employers grant full recognition to the same-sex marriages of their employees and customers.

“Whether or not a plebiscite is the means, community pressure for change will remain.”

Marriage equality is supported by all major Australian banks including the Commonwealth, Westpac, NAB, ANZ and St George banks.

The full ANZ report can be read here.

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