The introduction of same-sex marriage would deliver a boost of an estimated $500 million to Australia’s economy, a team of economists have calculated.

Economic researchers for ANZ Bank, Cherelle Murphy and Mandeep Kaura have calculated that the total economic benefits could be as much as $1 billion, reports News.com.au.

The figures are based on an estimated 37,000 to 38,000 same-sex couples who might get married if legislation is passed altering the federal Marriage Act.

Calculations were based on the assumption half this number would marry, and just half of these would wed in the first 12 months of the new laws.

“Based on an average spend per wedding of $51,000 that could add $500 million to $550 million to the economy in 12 months,” said the ANZ report.

“Whenever it happens, the rush of same-sex weddings would have a positive impact on activity and confidence, particularly in New South Wales and the Australian Capital Territory,” said the report released today.

“Marriage equality will be a fresh and much-needed source of demand for the Australian economy.

Indirect benefits such as improved social, health and welfare outcomes would spill over into improved economic performance, said the report.

“The security that comes from a marriage would create an effective welfare safety net according to marriage equality lobby group, Australian Marriage Equality as spouses insure each other against a sudden loss of income,” it said.

“It would also lower levels of stress and mental health problem which are indirect consequences of legal discrimination and social exclusion according to the lobby group.”