Young men’s mental health costing the Australian economy $3 billion
Wednesday 30 May 2012 — Young men’s mental illness in Australia is costing the economy more than A$3 billion each year in lost productivity according to the landmark report from the Inspire Foundation and EY, ‘Counting the Cost: The Impact of Young Men’s Mental Health on the Australian Economy’, launched today in Canberra.
The Report highlights that mental illness in young men costs the Australian economy A$387,000 per hour and more than nine million working days lost per annum – figures which cannot be ignored by the business sector.
The Report reveals that the Federal Government bears 31 per cent of this cost via direct health costs, disability welfare payments, unemployment benefits and the direct costs of imprisonment, but the remainder is carried by companies, organisations and individuals.
David Roberts, Lead Partner Health Advisory EY, sees the need to address the issue from a corporate level.
“This report reveals the huge impact mental health has on the Australian economy and our country’s productivity. If we want to help prevent suicide among young Australian men, we as businesses need to act urgently,” Roberts said.
“Addressing poor mental health in the workplace through early detection and diagnosis has clear benefits to business including avoiding the costs of absenteeism and potentially reducing the flow-on effects to co-workers by not having to carry additional work tasks.”
For the full report click here.
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