Is an Australian life still worth AUD 4.2 Million? Forced shuttering of businesses, massive job losses, loss of wealth implies life is now worth less; Morrison Govt duty bound to ask taxpayers first before spending another cent on its Wuhan Virus stimulus

Ganesh Sahathevan



                                          Even the ABC is worried that things have changed 
                                          forever


An Australian life is worth $4.2 Million. That is the value of a statistical life, or the offical rate that guides Government policy in for example, the cost  of the stimulus and other measures that the Morrison Government is implementing to manage the economic impact of its Wuhan Virus/Covid-19 mitigation measures.


 The concept is summarised on the Commonwealth Department Of Prime Minister And Cabinet 
website:


Key Points:

• Willingness to pay is the appropriate way to estimate the value of reductions in the risk of physical harm – known as the value of statistical life.


• Based on international and Australian research a credible estimate of the value of statistical life is $4.2m and the value of statistical life year is $182 000 in 2014 dollars.


• There are complicating assumptions used to derive these estimates so a sensitivity analysis should be undertaken as part of the cost-benefit analysis.


Based on the above , it can be roughly estimated that Australians are prepared to pay, or rather let their government pay on their behalf, say $420 Billion to save 100,000 lives. This is the estimate that the Government ought to be relying on to determine the size of its Covid 19 economic and health package.

However, the Australian Government led by Scott Morrison has imposed on the country what is in effect a ban on trade, which it refers to as "hibernation".
In real terms there has been a forced shuttering of businesses, massive job losses and generally a loss of wealth. Consequently it is likely that the willingness to pay is now less than that $4.2 Million.
Put in another way, the ability to pay has fallen drastically, and that is more likely than not to have adversely affected the willingness to pay.

The  Morrison Government is  duty bound to ask taxpayers first before spending another cent on its Wuhan Virus stimulus. and on the health measures.

END



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