More than half a billion dollars is expected to be injected into Australia’s economy in just one year if same-sex marriage is legalised.
ANZ economists predict huge amounts would be spent on weddings, honeymoons and, possibly, divorces, if more than 30,000 Australian same-sex couples are allowed to tie the knot.
“Those weddings that we may have lost to overseas economies, those will stay at home,” ANZ senior economist Cherelle Murphy told AAP.
Other benefits could flow from overseas couples booking ceremonies and honeymoons in Australia.
According to 2011 Census data, same-sex couples earn more on average than their heterosexual counterparts, and considering the average cost of an Australian wedding is $50,000 the estimated revenue is within the realms of probability.
There were 34,000 same-sex couples in Australia in 2011, with that number now predicted to be closer to 40,000.
Ms Murphy said there were other indirect areas that would begin to see an economic boost.
“Professional therapy and the legal industry would probably benefit from (marriage equality).”
Consumer confidence might also rise, she said, “simply because the Australian population is quite clearly in support of marriage equality”.