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Same Sex Marriage Could Boost The Australian Economy
Same sex marriage and LGBT rights continue to cause a storm world-wide due to conflicting views, and Australia is no different.
From Ireland to New Zealand, same-sex marriage has been formally recognised in various countries throughout the world. However, Australia has still yet to resolve the marriage equality debate.
“There are many positive benefits, ranging from increased spending in the Australian economy, increased labour productivity to improvements in social and mental health. And, although a highly political topic, from an economic perspective, marriage equality has the potential to contribute more than $650 million annually should a “yes” vote is signed into law,” said Michael Dransfield, founder of Burgundy Bespoke Jewellers.
The expenditure on weddings alone would result in a boom to the Australian economy. “We could look at other countries as a testimony to this. For example, the economy in the American state of Massachusetts alone was boosted by $111 million over five years. These are impressive numbers,” continued Michael.
A wide range of expenses are involved in a wedding; catering, decorators, wedding rings, dress and suit shops, photographers, wedding receptions, wedding planners and florists, just to name a few. Same-sex couples will be a new source of demand for businesses and this will benefit a wide range of industries. State governments will also receive a new source of revenue with more marriage licence fees and the conduction of wedding ceremonies.
The introduction of marriage equality in Australia would also provide local businesses with revenue that would have otherwise been spent overseas. Currently, Australians who are in a same-sex relationship often go to other countries to get married. Allowing for same-sex marriage in Australia would decrease the number of Australians travelling overseas for marriage purposes, therefore reinvesting funds into industries at home.
“Legalising same-sex marriage in Australia is a means of reducing prejudice and helping us all to become more acceptable to the changing world,” said Michael.
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