Does Australia’s economy need same-sex marriage?

ANZ estimates the additional expenditure on related to weddings alone would be at least 500 million-550 million Australian dollars ($354 million-$389 million) in just the first year, assuming that half of the current same-sex couples marry within 12 months of legalization.

To be sure, that figure is modest for a near $1.5 trillion economy, but ANZ’s calculations do not yet include the impact of a favorable decision on travel both in and out of Australia.

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“This figure does not include honeymoon expenditure, which would add to the stimulus – especially if foreign couples come to Australia to marry or if Australians are encouraged to stay at home (a trend that may be encouraged by the depreciating Australian dollar),” ANZ said.

The economy is badly in need of fresh engines as a slowdown in China has dented demand for commodities, among Australia’s primary exports. Quarterly economic growth fell to a two-year low at 0.2 percent during the April-June period, slowing from 0.9 percent in the previous quarter, fueling predictions Australia may soon experience its first recession in more than two decades.

ANZ’s estimates of the economic boost aren’t terribly out of line with figures in the U.S. In an analysis issued in December of last year, before the U.S. Supreme Court struck down same-sex marriage bans in June, the Williams Institute at the UCLA School of Law, in partnership with Credit Suisse, estimated that legalization would unlock around $2.6 billion in a same-sex wedding boom in the first three years, with around $733 million coming from sates in the South and Midwest.