The economic value of psychology in Australia: 2001

Article


Patrick, Jeff. 2005. "The economic value of psychology in Australia: 2001." Australian Psychologist. 40 (3), pp. 149-158. https://doi.org/10.1080/00050060500243459
Article Title

The economic value of psychology in Australia: 2001

ERA Journal ID6118
Article CategoryArticle
Authors
AuthorPatrick, Jeff
Journal TitleAustralian Psychologist
Journal Citation40 (3), pp. 149-158
Number of Pages10
Year2005
Place of PublicationOxford, United Kingdom
ISSN0005-0067
1742-9544
Digital Object Identifier (DOI)https://doi.org/10.1080/00050060500243459
Web Address (URL)http://onlinelibrary.wiley.com/doi/10.1080/00050060500243459/pdf
Abstract

The purpose of this paper was to update the Guldberg & Sivaciyan (1995) estimates of the value of psychology based on 1991 figures. In addition, this paper expands the scope of their work by including comparisons of other related professional groups (those with tertiary training in psychiatry, mental health nursing, social work, counselling, occupational therapy and human resources). Economic modelling indicated that psychology contributes $8.6 billion to the National economy – some 500% more than in 1991, and more than all other related professional groups combined. However, psychology incomes in most sectors have marginally decreased in real terms, and still lag 9.2% behind related professionals. The number of individuals trained in psychology has also risen dramatically to at least 37 978. Many of these individuals (17 364) have only a bachelor degree, and experience a higher rate of unemployment than both their higher qualified peers in psychology, and the national average for individuals with the same level of qualification. The ongoing lack of Federal funding for professional higher degrees, and the training guidelines of the Australian Psychological Society are likely to lead to rises in the cost of postgraduate education in the coming years. There is nonetheless a substantial economic advantage to students undertaking professional higher degrees in psychology. The implications for the profession of psychology are discussed.

Keywordspsychology; economic value; cost; psychologist
ANZSRC Field of Research 2020380108. Health economics
529999. Other psychology not elsewhere classified
380201. Cross-sectional analysis
Public Notes

File reproduced in accordance with the copyright policy of the publisher/author.

Byline AffiliationsDepartment of Psychology
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