‘Pink dollar’ boost to Australia economy after gay marriage vote
SYDNEY
Australia’s historic move toward legalizing same-sex marriage could bring businesses a massive windfall of “pink dollars” as tens of thousands of gay couples tie the knot, economists said on Nov. 15.
Legislation legalizing 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 legalization could surpass Aus$650 million ($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.
