Economist Cherelle Murphy claims that the legalisation of same-sex marriage in Australia could inject more than $650 million to the economy each year.
Murphy who works as a senior economist for the ANZ bank, supporters of the Sydney Gay and Lesbian Mardi Gras, believes that gains would come from money spent on weddings across the retail trade, hospitality, arts and recreation, and professional services (pre-nuptial agreements and divorce).
The latest projections, based on the 2016 census, are significantly higher than previous research from ANZ in 2015. Then it estimated that the economic benefit of same-sex marriage would be $500-550 million.
Part of the ANZ “yes” vote findings, predict a boost in Australian consumer confidence.
While the $650 million is only a small increase relative to the size of Australia’s economy, Murphy explained:
“The macroeconomic implications of the sum are minuscule, for some sectors the impact will be more meaningful”.