Improving social inclusion could generate $12.7 billion annual boost to Australian economy
28/08/2019
28 August 2019
Media Release
Improving social inclusion in Australia has the potential to unlock a $12.7 billion economic dividend annually, and play a significant role in Australia's future economic growth and prosperity, a report by Deloitte Access Economics, commissioned by SBS, has found.
Published today, The Economic Benefits of Improving Social Inclusion quantifies, for the first time in this way, the potential lift to Australia's economy that could be driven by improved employment and health outcomes, increased workplace productivity, and reduced costs of social services, as a result of greater social inclusion.
John O'Mahony, Partner, Deloitte Access Economics, said: Australia has experienced almost three decades of economic growth as a nation, and our economic success has helped sustain growth in living standards. Yet productivity growth has been weaker since 2004 and lifting it will be central to improving future living standards and ensuring all Australians benefit from our prosperity.
Policies to drive economic growth often focus on financial and quantifiable aspects of markets and regulation, but there are also important social drivers. Improving social inclusion is a source of economic strength and higher living standards for all Australians. Having an inclusive society not only avoids the costs incurred when people are excluded, but harnesses our diversity, providing fuel for creativity and innovation in our economy.
Through new quantitative modelling, data and analysis, Deloitte Access Economics has identified five key dimensions through which social inclusion can yield economic benefits:
Increased productivity in the workplace: Business benefits from social inclusion in a number of ways: diversity can be a source of creativity and innovation, lifting productivity; social inclusion can also lift profitability and help target market segments. Increasing the share of women in senior leadership was estimated to increase Australia's GDP by $5 billion through more creative, innovative and inclusive workplaces.
Improved employment outcomes: Greater social inclusion means people are less likely to experience discrimination-based adversity, and less likely to experience discrimination in the first place, increasing their capacity to seek employment or gain longer working hours and contribute to the economy as a whole. Labour market benefits from improving social inclusion among migrant communities in Australia is estimated to yield economic and social benefits worth $1.2 billion a year.
Improvement in mental and physical health: Social inclusion can counteract isolation and increase community participation, which helps to alleviate health problems, especially mental health issues such as anxiety and depression. The impact of social inclusion in improving health outcomes for migrant communities alone is estimated to improve well-being by $6.5 billion a year.
Reduced cost of social services: Social inclusion reduces the cost of social services by easing pressure on the public health system and reducing the need for income and housing support payments.
Inclusive growth: By lifting wages and workforce participation in geographical areas of socioeconomic disadvantage, the benefits of economic growth can be shared more evenly across all Australian communities.
James Taylor, SBS Managing Director, commented on the report: Creativity, tenacity, vision and leadership - these are all critical drivers of innovation. These attributes are not unique to any one community, and they are not determined by where you were born, your family ancestry, the language you speak, your gender, sexual orientation or faith.
Australia's reputation as a successful and inclusive society can only benefit from further embracing difference in our teams, workplaces, and in our community. This report demonstrates that when we are all empowered and access to opportunity is more evenly shared, so too are the dividends for all.
Dr Bulent Hass Dellal AO, SBS Chair, added: Australia's rich cultural diversity is one of our country's greatest strengths. We are proudly an inclusive society but as this report shows there are opportunities from fostering greater inclusion which all Australians can benefit from in a tangible way. As Australia becomes increasingly diverse, the importance of fostering social inclusion will continue to grow. This is as important for ensuring cohesive communities as it is for Australia's economic prosperity and makes the role that SBS has played for more than 40 years in contributing to social inclusion, more relevant and important today than ever before.
There is power, potential, and a strong economic imperative in better understanding, respecting and celebrating our differences. This is central to all that SBS does, as a dedicated multicultural and Indigenous broadcaster delivering content and services that contribute to a more inclusive society.
The quantitative analysis in the report largely focuses on the benefits of social inclusion for culturally and linguistically diverse communities, specifically migrant communities, but recognises that there are many other groups that contribute to Australia's diversity and for whom improving social inclusion is likely to result in additional economic benefits for Australia.
Download the report here.
LINK: | https://www.sbs.com.au/aboutus/news-media-releases/view/id/2617/h/Impr... |
See more stories from sbs |
More from SBS Broadcast
24/04/2024
SBS marks Earth Day as The Cook Up with Adam Liaw becomes first Australian show to have its carbon footprint validated through SSA
SBS marks Earth Day as The Cook Up with Adam Liaw becomes first Australian show ...
24/04/2024
Save money every day with SBS's Ricardo Gonalves and Peggy Giakoumelos on new Cost of Living Secrets podcast
Save money every day with SBS's Ricardo Gon alves and Peggy Giakoumelos on n...
23/04/2024
Social entrepreneur Hedayat Osyan wins Les Murray Award for Refugee Recognition
Social entrepreneur Hedayat Osyan wins Les Murray Award for Refugee Recognition 23 April, 2024 Media releases The prestigious award is now in its third yea...
22/04/2024
SBS marks Earth Day with Australian TV milestone as The Cook Up with Adam Liaw becomes first show to measure its carbon footprint
SBS marks Earth Day with Australian TV milestone as The Cook Up with Adam Liaw b...
18/04/2024
Alone Australia goes from strength to strength
Alone Australia goes from strength to strength 18 April, 2024 Media releases The program again delivers for SBS with significant uplifts in digital BVOD vi...
11/04/2024
Alone Australia Ep 2 reaches over 1m Australians
Alone Australia Ep 2 reaches over 1m Australians 11 April, 2024 Media releases The program continues to consistently grow week-on-week in linear audience w...
09/04/2024
Groundbreaking NITV documentary series Our Law expands across Australia from Thursday 9 May
Groundbreaking NITV documentary series Our Law expands across Australia from Thu...
04/04/2024
Manu Feildel, Miranda Otto and Pat Rafter join life-changing new season of Who Do You Think You Are?
Manu Feildel, Miranda Otto and Pat Rafter join life-changing new season of Who D...
04/04/2024
Alone Australia season 2 continues to redefine Australian TV viewing through on-demand digital consumption
Alone Australia season 2 continues to redefine Australian TV viewing through on-...
27/03/2024
Living Black, the longest-running Indigenous current affairs television program in Australia, returns for its 21st year with new guests
Living Black, the longest-running Indigenous current affairs television program ...
26/03/2024
Crime is relative in SBS's new Canneseries nominated crime-family dramawith a difference
Crime is relative in SBS's new Canneseries nominated crime-family drama with...
25/03/2024
SBS gears up for Season 2 of Alone Australia with the creation of Alone Cologne'
SBS gears up for Season 2 of Alone Australia with the creation of Alone Cologne...
22/03/2024
SBS Learn partners with the Islamic Museum of Australia to support classrooms in understanding Ramadan and Eid with new teacher resource
SBS Learn partners with the Islamic Museum of Australia to support classrooms in...
14/03/2024
SBS to mark Ramadan and Eid al-Fitr with all Australians
SBS to mark Ramadan and Eid al-Fitr with all Australians 14 March, 2024 Media releases Content in 22 languages*, a collection of movies to stream free on d...
07/03/2024
Explore the afterlife with SBS podcast Grave Matters'
Explore the afterlife with SBS podcast Grave Matters' 6 March, 2024 Media releases Most of us are woefully unprepared for one of life's few certai...
06/03/2024
Multi-award winning electronic music duo to represent Australia at this year's Eurovision Song Contest in Malm, Sweden
Multi-award winning electronic music duo to represent Australia at this year'...
04/03/2024
SBS announces new development fund to discover Australia's biggest and riskiest new factual hit
SBS announces new development fund to discover Australia's biggest and riski...
28/02/2024
Yumi Stynes returns for season two of SBS podcast SEEN'
Yumi Stynes returns for season two of SBS podcast SEEN' 26 February, 2024 Media releases Eight new trailblazers join feminist Australian icon Yumi Sty...
15/02/2024
Alone Australia Season 2 Returns 27 March | Meet the Cast
Alone Australia Season 2 Returns 27 March | Meet the Cast 15 February, 2024 Media releases Smash hit series Alone Australia returns Wednesday 27 March on S...
15/02/2024
NITV's flagship footy show Over the Black Dot returns Tuesday 5 March, live and in high definition
NITV's flagship footy show Over the Black Dot returns Tuesday 5 March, live ...
13/02/2024
2024 is a landmark year for SBS's award-winning current affairs line-up, covering the most impactful local and global stories
2024 is a landmark year for SBS's award-winning current affairs line-up, cov...
07/02/2024
4 in 10 Australians battling sleep issues as nation's sleep crisis grows
4 in 10 Australians battling sleep issues as nation's sleep crisis grows 7 February, 2024 Media releases Dr Michael Mosley and the sleep scientists fro...
06/02/2024
Six screen creatives selected for the 2024 SBS Emerging Writers' Incubator initiative
Six screen creatives selected for the 2024 SBS Emerging Writers' Incubator i...
02/02/2024
SBS Scripted TV Lunch sessions return for another year of connecting with creatives
SBS Scripted TV Lunch sessions return for another year of connecting with creati...
31/01/2024
Filming Begins on SBS' Romantic Original Drama Four Years Later' in India
Filming Begins on SBS' Romantic Original Drama Four Years Later' in Ind...
30/01/2024
A stellar 2024 for SBS podcasts kicks off with The SBS Book Club' and Humans of the Australian Deaf Community'
A stellar 2024 for SBS podcasts kicks off with The SBS Book Club' and Huma...
29/01/2024
The host with the most, Adam Liaw, is back with an all new inviting season of The Cook Up
The host with the most, Adam Liaw, is back with an all new inviting season of Th...
22/01/2024
Eddie's Lil' Homies premieres on NITV and Netflix on Friday 16 February
Eddie's Lil' Homies premieres on NITV and Netflix on Friday 16 February 22 January, 2024 Media releases Animated comedy series inspired by AFL grea...
18/01/2024
Sounds of Solidarity and WugulOra added to NITV and SBS's Always Was, Always Will Be programming slate for January 26
Sounds of Solidarity and WugulOra added to NITV and SBS's Always Was, Always...
18/01/2024
Celebrate the Year of the Dragon with SBS Learn this Lunar New Year
Celebrate the Year of the Dragon with SBS Learn this Lunar New Year 18 January, 2024 Media releases SBS Learn is giving teachers the opportunity to share t...
17/01/2024
This Valentine's Day SBS's The Matchmakers dives into the unique and private world of traditional matchmaking
This Valentine's Day SBS's The Matchmakers dives into the unique and pri...
17/01/2024
Celebrate Lunar New Year with a feast of content on SBS and SBS On Demand
Celebrate Lunar New Year with a feast of content on SBS and SBS On Demand 17 January, 2024 Media releases SBS is sharing the festivity and culture of Lunar...
16/01/2024
Nominations open for Les Murray Award for Refugee Recognition
Nominations open for Les Murray Award for Refugee Recognition 16 January, 2024 Media releases 16 January 2024 Nominations are now open for the third Les M...
15/01/2024
SBS welcomes Nakul Legha as new Scripted Commissioning Editor
SBS welcomes Nakul Legha as new Scripted Commissioning Editor 15 January, 2024 Media releases SBS has announced that Nakul Legha has joined the network as ...
14/12/2023
Celebrate strength, resilience and survival as part of Always Was, Always Will Be this January 26 on NITV and SBS
Celebrate strength, resilience and survival as part of Always Was, Always Will B...
13/12/2023
SBS On Demand caps a record year with the launch of SBS Rewind
SBS On Demand caps a record year with the launch of SBS Rewind 13 December, 2023 Media releases SBS On Demand launches SBS Rewind, providing users an end-o...
12/12/2023
SBS Chill's Chillest 100 now streaming on SBS On Demand in 2024
SBS Chill's Chillest 100 now streaming on SBS On Demand in 2024 12 December, 2023 Media releases The Chillest 100 is back to celebrate the coolest down...
11/12/2023
NITV and Netflix reveal voice cast of animated children's series Eddie's Lil' Homies, inspired by AFL star Eddie Betts
NITV and Netflix reveal voice cast of animated children's series Eddie's...
08/12/2023
SBS to Bring All the Best Action from 2024 Dakar Rally
SBS to Bring All the Best Action from 2024 Dakar Rally 8 December, 2023 Media releases The world's biggest rally raid begins January 6 exclusive and fr...
23/11/2023
NITV HD coming from 5 December 2023
NITV HD coming from 5 December 2023 Media release National Indigenous Television (NITV) is excited to be upgrading to high definition (HD) on channel 34 nex...
23/11/2023
SBS again named Best Australian Podcast Publisher of the Year
SBS again named Best Australian Podcast Publisher of the Year 23 November, 2023 Media releases Australia's hybrid national broadcaster SBS has been nam...
23/11/2023
Karla Grant's pioneering contribution to journalism recognised with major Walkley and First Nations Media Awards
Karla Grant's pioneering contribution to journalism recognised with major Wa...
21/11/2023
Don't miss the highly anticipated six-part thriller The Doll Factory, from Thursday 7 December on SBS and SBS On Demand
Don't miss the highly anticipated six-part thriller The Doll Factory, from T...
15/11/2023
SBS Learn is celebrating Diwali in classrooms with a ready-to-go resource for teachers across Australia
SBS Learn is celebrating Diwali in classrooms with a ready-to-go resource for te...
07/11/2023
Meet the Neighbours follows a bold initiative that could change the country - can we save our regional towns?
Meet the Neighbours follows a bold initiative that could change the country - ca...
07/11/2023
SBS marks one year of Mind Your Health' this World Mental Health Day
SBS marks one year of Mind Your Health' this World Mental Health Day Media Releases SBS is providing more educational and uplifting stories through its...
07/11/2023
Join SBS and NITV as Australia's votes are counted
Join SBS and NITV as Australia's votes are counted Media Releases Live news simulcast on SBS and NITV on Saturday night will give Australians unique per...
07/11/2023
Emmy Award-winning series Fargo is back starring Juno Temple, Jon Hamm, Jennifer Jason Leigh, Joe Keery, and more
Emmy Award-winning series Fargo is back starring Juno Temple, Jon Hamm, Jennife...