Workplace-driven mental ill-health is costing the Australian economy about $12 billion a year in lost GDP, according to a report from Mentally Healthy Workplaces Australia.
Without action, the report expects that to pass $27 billion a year within 15 years. It names the problem as a leading contributor to the country’s productivity slowdown.
Lost productivity makes up close to 54% of the direct costs, including absenteeism, presenteeism, staff turnover and lower workforce participation. Employers carry the costs first, before they flow on to workers’ compensation, insurers and government-funded support services.
Executive director Margo Lydon says the shift towards automation and AI is likely to add pressure on workers. She is calling for a nationally co-ordinated, prevention-focused approach, comparing it to the road safety strategy that helped cut road deaths by 60%.
What it means for your money
Time off work for burnout can hit household budgets, especially with a mortgage or rent. It’s worth knowing your leave entitlements and any income protection cover before stress builds, and talking to your employer early if workloads are unsustainable.
Source: Money Magazine
