Rising rates of depression among workers could cost NSW billions in lost productivity
High rates of depression and anxiety and lost productivity could rip $7.4 billion out of the NSW economy by 2025, according to a new report from the NSW Council of Social Services.
Extended COVID lockdowns and the series of natural disasters that have befallen NSW over the past two years have contributed to the rising psychological distress across communities the state.
Other evidence from the report includes a 9.3% increase in prescriptions for depressive orders between 2018 and 2021, which is more than double the rate of increase for all other medications.
Joanna Quilty, NCOSS CEO said the research underlines the devastating impact this uncertain and difficult period has had on people’s mental health across the state.
“For those in the workforce, worsening mental health may translate to increased absenteeism, or turning up to work but not being as productive because of feeling anxious or depressed,” said Quilty.
She recognised that the NSW Government is spending $2.9 billion on mental health services in 2022-2023 representing a 21% increase on 2020-2021, but cautioned that some people “may be wary of government services or not inclined to access clinical care through the mental health system”.
Other states and territories have been allocating more resources to mental health since COVID. Queensland recently budgeted $1.6bn for mental health services over five years to be funded by a payroll tax levy applied to the largest 1% of businesses.
WA has also committed a record $2.5bn in additional funding to health and mental health in the 2022-23 State budget. More than $43m is being funnelled into mental health and suicide prevention support and services across the Northern Territory over the next five years.
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South Australia also announced a package of investments in mental health services over the next four years, including in the MATES in Construction program, a suicide prevention and mental health programs in the building, mining, energy and construction industries.