MENTAL ILLNESS_ Mental illness is smashing Australia’s economy to the tune of $60 billion

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Mental illness is smashing Australia’s economy to the tune of $60 billion

Mental illness costs the economy $60 billion a year. Now, a new reports reveals that we can we fix it, and make money at the same time.

Shannon Molloy
news.com.au
October 4, 20196:42am



Mental health costs the Australian economy $60 billion a year. Not only can we recoup the cost, but we can make a profit from the solutions.Source:Supplied


The cost of mental illness is much more than personal, with startling new research revealing the serious health issue delivers a $60 billion whack to the Australian economy each year.

But a report to be released today will call on businesses to take the charge in addressing the problem, saying the solutions would not only recover those huge losses, but deliver a profit.

It makes a series of recommendations based on a concept called “shared value” — a profitable business strategy that works to solve mental health challenges.

Allan Fels is an economist and academic, former chair of the Australian Competition and Consumer Commission and the current commissioner of the Royal Commission into Victoria’s mental health system, and said mental illness is hurting the already struggling economy.

Of the $60 billion economic loss, the annual cost to businesses is $13 billion from lost wages, reduced productivity and support services, Professor Fels said.

“Those are big numbers,” he said.

“The gains from better mental health dwarf most of the gains from standard micro economic growth that we talk about every day. They also dwarf many of the gains from traditional efforts to boost productivity and efficiency.”

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READ MORE: https://www.news.com.au/finance/economy/australian-economy/mental-illness-is-smashing-australias-economy-to-the-tune-of-60-billion/news-story/b1173115237b516330e2060f4231f5cd


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