The Economic Cost of Male Suicide

The 2010 Breaking The Silence report, estimated the economic cost of suicide in Australia to be over $17 billion.

The Report was funded by a broad range of organisations working in suicide prevention including:

  • Lifeline Australia
  • The Inspire Foundation,
  • OzHelp Foundation
  • Centre for Mental Health Research, ANU
  •  Suicide Prevention Australia
  • The Salvation Army
  • Brain and Mind Research Institute.

In arriving at the $17 billion figure, the report’s authors estimated that the Value of a Statistical Life (VoSL) lost to suicide is $6 million.

This figure is still used in 2016 by leading organisation  in the world of suicide prevention such as the Black Dog Institute.

Using the VoSL figure of $6m we can make estimates about the economic cost of male and female suicide as follows:

 

Item measured Number Economic Cost
Number of male suicides per year (2015) 2,292 $13.752 billion
Number of female suicides per year (2015) 735 $4.41 billion
Economic impact of closing Gender Suicide Gap (2015) 1,557 $9.342 billion
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