Friday, April 8, 2016

The Price of Racism: Racial Discrimination Costs Australia $45B a Year; U.S. Estimate Close to $2T - ATLANTA BLACK STAR

by David Love
Originally published: April 7, 2016

When someone attempts to give the price of racism a fixed dollar amount, it is time to take notice.  In this case, a researcher has calculated the cost of racism in Australia.

In his doctoral thesis, Measuring the Economic Costs of Racial Discrimination in Australia, Alfred Deakin Institute of Citizenship and Globalization researcher Dr. Amanuel Elias found that for each year between 2001 and 2011, racial discrimination cost the Australian economy an estimated $44.9 billion (U.S. $33.9 billion), or 3.6 per cent of the nation’s Gross Domestic Product in terms of specific health outcomes, including depression, anxiety, PTSD and psychological disorders.

According to the World Bank, Australia ranks as the 12th largest economy in the world in terms of GDP, with an output of (U.S.) $1.45 trillion in 2014.