Result the icing on the cake for wedding trade
SAME-SEX marriage will be big business, with the potential to add billions to the Australian economy.
Industries associated with weddings, tourism, and retailers will be winners. In addition there will be increased state government revenue from marriage certificates and greater workplace productivity due to a more inclusive society.
The losers will likely be consumer and business confidence in the short term while the political uncertainty over how to best legislate the Yes vote ensues. New Zealand’s tourism industry will also take a hit due to less samesex couples crossing the Tasman to marry.
AMP chief economist Shane Oliver said the net economic impact of legalising same sex marriage could be around $2 billion over the next five years.
“In percentage terms it wouldn’t be great enough to justify revising up our economic forecast or our interest rate forecasts but it will still boost confidence and industries associated with weddings,” he said.
He said productivity could also improve due to members of the LGBTI community feeling more accepted. “A more diverse workforce is a more productive workforce.”
ANZ senior economist Cherelle Murphy, who crunched the numbers on the benefits of same-sex marriage, said additional expenditure on weddings alone would be $650 million in the first 12 months.
“A small boost to consumer confidence is also possible given that recent polls show most Australians support marriage equality,” she said.
New South Wales, Victoria, the ACT and Northern Territory would be the biggest locations to benefit according to Ms Murphy’s report, with the largest LGBTI populations and most sought after wedding locations. Queensland could benefit from more LGBTI honeymooners.
John O’Sullivan, of Tourism Australia, said the Yes vote reinforced Australia’s global reputation as an inclusive and welcoming destination.
“From a tourism point of view, the pink dollar is big business and same sex marriage tourism is on the rise. Nearly half of LGBTI couples who tied the knot in New Zealand last year came from other countries,” Mr O’Sullivan said.
New Zealand data shows 997 same-sex couples with Australian addresses listed for both partners have travelled there to get married since NZ legislation was passed in 2013.
“If the law changes in Australia, many same sex couples will no doubt choose to be married in Australia,” a spokeswoman for Tourism New Zealand said. “However we believe that New Zealand is a great destination for a wedding, honeymoon or romantic getaway — for all travellers,”
According to the 2016 Census, there were nearly 47,000 same-sex couples in Australia, and Sydney marriage celebrant Scott Duncombe expects a big spike in weddings in the first three to six months of marriage equality.
“There’s going to be a lot more competition for venues and suppliers and for people to get in first ... people will start to go to alternate wedding venues as opposed to the ones we all know and love,’’ he said.
Juliana Payne, CEO of the Restaurant & Catering Industry Association, said the hospitality sector stood to benefit greatly,
“Australians are now spending more money than ever on weddings. If you assume that around 60 per cent (of wedding costs) are hospitality-related, that represents $36,000 per wedding or $390 million of economic benefit in total,” she said.