Australia could experience a significant economic boom if same-sex marriage is legalised, say those in the tourism and finance industries.
Those in the wedding industry believe Australia could become the world’s newest place for destination weddings for same-sex couples, causing the tourism industry to flourish.
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And the Queensland Government agrees.
According to the Queensland Department of Tourism, legislative change on same-sex marriage would result in several key economic benefits for the wedding and tourism industries.
“We could see increased spending relating to honeymoon expenditure, including travel and accommodation, wedding planning, increased catering services and out-of-state wedding guests,” a spokesperson said.
“Increased spending generated by same-sex couples will create additional jobs.
Economics of same-sex weddings:
- Benefit a range of industries including retail trade, hospitality, arts and recreation, professional services (pre-nuptial agreements and divorce)
- More Australian same-sex couples would marry at home rather than overseas
- Increased service exports due to offshore visitors marrying and honeymooning in Australia
- Increased State Government revenue from same-sex marriage licence fees and from ceremonies in state-run registries of births, deaths and marriages
- A small boost to consumer confidence, if marriage equality is found to be a policy supported by most Australians.
Source: ANZ economists Cherelle Murphy and Mandeep Kaura
“State Government revenue from same-sex marriage licence fees and from conducting ceremonies in state-run registries of births, deaths and marriage [would rise].
“State and Commonwealth Governments will [also] benefit directly from the increase in spending through a range of taxes.”
Legislative change could inject ‘$1 billion’
ANZ economists Cherelle Murphy and Mandeep Kaura took a deeper look into the economics of same-sex marriage in 2015.
“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 economists stated.
That figure was extrapolated using data from the 2011 Census when there were nearly 34,000 same-sex couples in Australia.
The latest Census reports the number of same-sex couples has increased to 46,800.