Legalization of Marijuana
In 2016, the Australian government passed the Narcotic Drugs Amendment Act which allowed for the cultivation and manufacture of medicinal cannabis. This move was significant because it allowed Australian farmers to enter a new and potentially lucrative market. With the legalization of cannabis, Australia has become one of the fastest-growing medical marijuana markets in the world, which highlights the importance of legalization for economic growth.
The growth of this industry has created jobs in cultivation, manufacturing, research, development and retail, all of which have contributed positively to the Australian economy. According to a report by market analysts, Prohibition Partners, the Australian cannabis industry could reach AUD 1.2 billion in sales by 2028. As more countries around the world legalize medicinal and recreational cannabis products, the Australian government can become a significant player in this growing industry.
Legalization of Online Gambling
Another area the Australian government has recently legalized is online gambling. This step has been taken in a bid to regulate the market and increase the tax revenue for the country. Prior to legalization, online casinos were located offshore and therefore the Australian government was not receiving tax revenue from this industry. Since legalization, many online casinos are now based in Australia, creating local job opportunities for developers, web designers, and customer service representatives.
Revenue from online gambling has also contributed significantly to the Australian economy. According to a report by IBISWorld, the Australian gambling industry is worth AUD 24.2 billion and has generated almost AUD 6 billion in revenue for the government. While the effects of gambling on society and individuals are a contentious issue, there is no question that the legalization of online gambling has had a positive impact on the Australian economy.
Legalization of Same-Sex Marriage
In December 2017, the Australian government legalized same-sex marriage, becoming the 25th country in the world to do so. Following the legalization of same-sex marriage, applications for marriages were significant, they almost equalled the volume of heterosexual applications in the first year it was legal. The legalization of same-sex marriage has brought countless economic benefits to Australia, including a boost in tourism, as Australian cities became popular destinations for gay and lesbian couples to celebrate their weddings.
The legalization of same-sex marriage has also prompted many businesses across Australia to create services specifically tailored to the LGBTQ community, which have a positive effect on the Australian economy. Wedding planners, florists and hotels have all seen an increase in business, while employment opportunities have also been created for the LGBTQ community.
Legalization of Voluntary Euthanasia
In November 2017, the Victoria Voluntary Assisted Dying Act was passed, making Victoria the first state in Australia to legalize voluntary euthanasia. Before the bill was passed, thousands of Australians traveled overseas to access end of life services, costing the Australian economy millions of dollars. With the legalization of voluntary euthanasia, Australians can now access end of life services at home, which contributes positively to the Australian economy.
Healthcare spending is one of the biggest costs for governments around the world. By legalizing voluntary euthanasia, the Australian government has also provided relief to the healthcare system. This decision has allowed for funding to be redirected from end of life services to other areas in the healthcare system, thus supporting the growth and development of new medical technologies and treatments. Delve even deeper into the subject by visiting this information-packed external website we’ve prepared for you. https://australiaweedcommunity.com!
Legalization has undoubtedly had a positive impact on the Australian economy. From the legalization of medicinal cannabis to the legalization of same-sex marriage, the Australian government has taken steps to regulate industries and provide economic benefits for the country. It’s important to note that while the benefits of legalization are numerous, they should always be weighed against the potential negative consequences. However, it’s safe to say that legalization has been a positive force in Australian society and the economy and will continue to shape the future of the country.
Interested in expanding your knowledge on this topic? Check out the related posts we’ve selected to enrich your reading: