KPMG Report The economic cost of suicide in Australia highlights the high cost to our economy from lives cut short by suicide.
KPMG estimates that 2,614 Australians died by suicide in 2012; the overwhelming majority of them male (2,088 or nearly 80%). More people died last year by their own hand than from skin cancer or car accidents, with the bulk of them young males aged 15-44.
The cost to our economy from these deaths is estimated by KPMG at $1.657 billion with 90% of that figure attributable to male suicide. In the ACT, the cost was $24 million (88% male).
In releasing the report, Menslink CEO Martin Fisk says that the enormous personal, social and cultural costs of suicide are well known, especially to families, friends and colleagues devastated by suicide. “What is not well-known is the economic cost of these lives lost. The KPMG report details the productivity lost through these tragic deaths – most of them young men – and gives us additional reasons to invest in suicide prevention programs that work.”
“These costs represent suicides in 2012. These figures compound every year unless we can dramatically address this issue, particularly for younger men who represent the overwhelming majority of deaths and costs. Menslink’s programs – mentoring, counselling and our Silence is Deadly schools’ campaign – support young men through potentially troubled times and aim to set them up for healthy, productive lives. According to figures from KPMG, saving just one young life repays the community’s investment in our programs by more than 100%”
The report can be downloaded here: KPMG – Economic cost of suicide in Australia (Menslink)