SYDNEY, Oct. 6 (Xinhua) -- A new report has found that stillbirth deaths will cost the Aussie economy 681.4 million Australian dollars (518.96 million U.S. dollars) over the next five years.
The report conducted by PricewaterhouseCoopers (PwC) and commissioned by Stillbirth Foundation Australia has found the biggest financial burden of stillbirths to be absenteeism in workplaces, which accounts for a third of the total cost to the economy standing at 278.4 million Australian dollars (212.05 million U.S. dollars).
The first of its kind report from 2016 till 2020 found other economic impacts to be lost of productivity from exiting the labor force 70.6 million Australian dollars (53.77 million U.S dollars), hospital fees at 74.5 million Australian dollars (57.43 million U.S. dollars) and cost of counselling at 53.2 million Australian dollars (40.52 million U.S. dollars).
"The fact is that the personal cost of stillbirth can be incalculable, but as of today, the financial cost to the economy is not," Stillbirth Foundation Australia chief executive Victoria Bowring said in a statement on Thursday.
"Stillbirth is a national crisis, which has a devastating impact on families throughout the country and a significant, measureable impact on the Australian economy."
"Too often stillbirth is something that has been dealt with in silence but this is something that we as a nation, and as a workforce, need to be dealing with far better," she said.
Bowring said the report sends a message to state governments throughout Australia that proactive action must be taken to reduce the number of stillbirths.
"We need targeted intervention to reduce the impact on mental health and improved access to counselling services to reduce the effects on families and the economy," said Bowring.
"More broadly, we need more government and corporate investment to direct into research and prevention, and for advertising campaigns to let people know what they can do to reduce risk," she said.
Last year 1,718 babies were stillborn in Australia, at a rate of about five babies per day.
"It's hugely important we continue to shine the spotlight on the most common form of child mortality in the country and its many social, economic and fiscal impacts," PwC chief economist, Jeremy Thorpe said.
"This is also an issue for business, with a third of that figure made up of the indirect economic cost of mental health-related absenteeism, lost worker productivity through absences from work, and presenteeism, lost productivity that occurs when employees come to work but are not fully functioning," he said.
Bowring said a significant funding increase for research into stillbirth and for advertising campaigns is urgently needed to let parents know about the proven preventative measures.
"One third of all stillbirths can be prevented through education and greater awareness," Bowring said.
"Too often families are not warned of the risks, or are not treated properly by the system," she said.
