Planned marriage equality vote to cost Australian economy half a billion dollars: accounting firm

Australia's planned plebiscite on marriage equality is set to cost over half-a-billion Australian dollars, according to in-house modelling by accounting firm PwC Australia released Monday.

Australia has been criticized by international human rights groups over its slowness to act on same-sex marriage after numbers other countries including the United Kingdom and Canada have amended their laws to allow and recognize same-sex unions.

Following the 2013 federal election, then Prime Minister Tony Abbott paved the way for a plebiscite - binding national single issue vote -- to be instituted over a parliamentary vote, however a time-frame was not given. His successor, current Prime Minister Malcolm Turnbull has continued that policy, but said if re-elected at the 2016 federal election, the vote would be held later this year.

The professional services firm estimated a compulsory, national vote, not held on the same day as a federal election - due later this year - would cost 224 million Australian dollars in public funding for the organization and campaigns and 281 million in lost productivity.

Alternatives to a stand-alone plebiscite were less costly, with a vote held at the general election estimated to cost 113 million Australian dollars and a parliamentary vote to cost just 17 million Australian dollars, according to the PwC report.

"It's clear from these findings that a stand-alone plebiscite on marriage equality is a massive waste of time and money that will remove focus on the economy, growth and jobs which is the real priority for Australia," PwC Australia chief executive Luke Sayers said in a statement.

In addition to the public costs, the accounting firm estimated the mental health and wellbeing impact associated with the ensuing public campaigns would cost at least 20 million Australian dollars, with opposition to marriage equality likely to cause health disorders in the nation's LGBTI community.

Current Prime Minister Malcolm Turnbull became the nation's first sitting leader to attend Sydney's LGBT pride parade though the city's inner streets last week, saying he was "very proud" to have attended with his wife.

However the country's opposition party has put continued effort to mount pressure on the sitting government, announcing they would scrap a plebiscite and instead introduce marriage equality legislation into parliament within its first 100 days if elected.

The sitting government remains ahead in the polls on a two-party preferred basis, with Turnbull towering over of rival and Labor party leader Bill Shorten in public popularity. The election is like to be held between September and November, however the door to an early election as early as July has been opened over political wrangling. Endit