pink dollar boost to australia economy after gay marriage vote
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Pink dollar' boost to Australia economy after gay marriage vote

Arab Today, arab today

Arab Today, arab today Pink dollar' boost to Australia economy after gay marriage vote

More than 30 major business leaders voiced support for marriage reform earlier this year
Sydney - Arab Today

Australia's historic move toward legalising same-sex marriage could bring businesses a massive windfall of "pink dollars" as tens of thousands of gay couples tie the knot, economists said Wednesday.

Legislation legalising same-sex marriage is expected to pass parliament by the end of the year after the announcement Wednesday that Australian voters had resoundingly backed it in a national poll.

With nearly 50,000 same-sex couples in Australia, and countless gay tourists who could come to the country to marry, the wedding industry is in for a boom.

"We've got this pent-up demand and we could see over the next year or so, once the legislation is passed, a sharp increase in the number of weddings," ANZ senior economist Felicity Emmett told AFP.

The ANZ estimated the boon to business generated by gay weddings in the first year after legalisation could surpass Aus$650 million (US$490 million).

Other immediate financial benefits could include an increase in overseas visitors who choose to marry and honeymoon in the nation, and Australian expats returning to get hitched.

"From a tourism point of view, the pink dollar is big business and same-sex marriage tourism is on the rise," Tourism Australia managing director John O'Sullivan said.

"Nearly half of LGBTI couples who tied the knot in New Zealand last year came from other countries. Legalising same-sex marriage would undoubtedly bring similar... tourism benefits."

There are also long-term benefits from giving same-sex couples certainty in their relationship status, University of Sydney senior economics lecturer Hayley Fisher said.

"They can make better commitments to each other and decisions about investing in their relationships that may also have flow-on effects to the economy," Fisher told AFP.

"We can expect to see things like more home ownership for same-sex couples."

More than 30 major business leaders voiced support for marriage reform earlier this year, telling Prime Minister Malcolm Turnbull in a letter that it was "very clear... the business case for supporting civil marriage equality is compelling".

"Enabling loving, committed couples to be married, regardless of their sexual orientation will contribute to a stronger economy and a more inclusive Australia."

Benefits of the "pink dollar" have already led more businesses to lend their names to high-profile events such as the iconic Gay and Lesbian Mardi Gras, which generates millions for Sydney's economy each year.

Source:AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

pink dollar boost to australia economy after gay marriage vote pink dollar boost to australia economy after gay marriage vote

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

pink dollar boost to australia economy after gay marriage vote pink dollar boost to australia economy after gay marriage vote

 



GMT 10:10 2017 Thursday ,09 February

3 Important Elements You Have to Consider

GMT 04:03 2017 Monday ,24 April

Bella Hadid ‘dying’ to visit Palestine

GMT 19:25 2016 Wednesday ,25 May

The Brooklyn Desk by Oeuf NYC

GMT 07:49 2018 Friday ,05 January

2 Russian servicemen killed

GMT 07:58 2018 Monday ,01 January

Italy orders N. Korea's envoy to leave

GMT 08:45 2017 Wednesday ,20 December

US military imagines war without GPS

GMT 17:26 2017 Sunday ,17 December

Putin thanks Trump for help in foiling attack plot

GMT 22:19 2017 Monday ,16 October

Cairo-hosted Fatwa conf. new contribution

GMT 02:27 2016 Friday ,10 June

Video hints Japan abetting illegal ivory trade

GMT 07:04 2017 Wednesday ,19 April

1,883 Bahrainis found jobs in March

GMT 14:24 2016 Tuesday ,22 November

Citi and JPMorgan top list of ‘globally banks’

GMT 21:43 2017 Friday ,01 September

People question Nazaruddin`s repatriation expenses

GMT 09:41 2017 Wednesday ,19 April

OIC concerned over violence in Mali

GMT 01:30 2017 Friday ,27 October

May22/Jun21

GMT 05:38 2016 Friday ,30 December

Dubai Airports divert 13 flights due to heavy fog

GMT 11:38 2017 Saturday ,14 January

Mexico names new ambassador to US

GMT 12:03 2017 Wednesday ,22 March

Kuwait to mark World Water Day

GMT 15:00 2017 Wednesday ,27 September

HM King receives invitation from Egyptian President

GMT 02:45 2017 Tuesday ,05 December

President Bashir arrives in Chad

GMT 02:45 2017 Wednesday ,16 August

Turkmen President Visits Pakistan
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday