The Council of Australian Life Insurers (CALI) has joined a national coalition of mental health experts and industry groups calling on the Federal Government to take urgent action to address Australia’s growing mental health crisis.
In an open letter to the Hon. Jim Chalmers, Treasurer of Australia, ahead of the Federal Government’s Economic Reform Roundtable, the group warned that untreated mental ill-health is holding Australia back and costing the economy up to $220 billion each year i.
CALI CEO Christine Cupitt said life insurers see both the personal and economic toll of the mental health crisis every day.
“Life insurers play an essential role in strengthening Australia’s financial safety net, but by the time someone comes to us, they’ve often exhausted all supports available. They’re really unwell, and it is extremely hard to help them recover and get back to work,” said Ms Cupitt.
“Even more concerning is the outlook for future generations. Two in five young Australians are affected by mental health challengesii, and we’ve seen a 732 per cent increase in claim rates among people in their 30s permanently leaving the workforce due to mental ill-healthiii.
“This should not be the story of young Australians experiencing mental ill-health.”
CALI strongly supports the open letter’s three calls to action:
- National targets to drive a coordinated approach across Government
- Allowing the public and private systems to treat people earlier
- Boosting the workforce to address shortages
“Addressing the mental health crisis could be the single biggest productivity reform Australia can make this decade,” Ms Cupitt said.
“The Treasurer and participants in the Economic Reform Roundtable can’t ignore the impact mental ill-health is having on our nation’s productivity. With more people taking time off and leaving work altogether, the toll of this mental health crisis is undeniable.
“We need the Government to lead a collective effort, one backed by industry, clinicians, and the community, to strengthen the safety net and support Australians when they need it most.”