Two years ago, ANZ Research estimated the economic benefits of marriage equality related to weddings alone could be between $A500 million $A550 million in the first year. That figure has now grown.
As pointed out in 2015 note, there are several economic benefits.
· Expenditure on weddings. This could benefit a range of industries including retail trade, hospitality, arts and recreation, and professional services (pre-nuptial agreements and divorce).
· Increased service exports as offshore visitors choose to marry and honeymoon in Australia.
· Australian same-sex couples returning home who would otherwise have married overseas.
In 2016, 273 Australian couples were married in NZ, which was 29 per cent of total same-sex marriages and same-sex civil unions performed in New Zealand that year.
This may further boost the industries listed above.
· Increased state government revenue from same-sex marriage certificate charges and conducting on-site ceremonies in state-run registries of births, deaths and marriages.
· A small boost to consumer confidence is possible. The degree of direct economic impact will depend on the number of same-sex couples who intend to marry.
To assess this, we used the same assumptions as in our 2015 analysis, updated where we have new information.