The conversation surrounding cannabis legalisation in Australia and New South Wales (NSW) has gained momentum lately, with reports suggesting that legalising the drug could save taxpayers a significant amount of dosh.
As public opinion continues to shift in favour of legislation changes, and the success of the Legalise Cannabis Party in NSW, the debate over the merits of legalisation is heating up.
Public Opinion and Political Debates:
In Australia, public opinion has largely shifted in favour of cannabis legalisation, with 78% of participants in a recent study agreeing that possession of products like CBD oil for personal use shouldn’t be an offence. Similarly, in NSW, the election of Jeremy Buckingham from the Legalise Cannabis Party to the state’s upper house has brought the issue to the forefront of political discussion. Despite NSW Premier Chris Minns previously advocating for the legalisation of cannabis back in 2019, he has since changed his mind, citing the increased availability of medicinal cannabis prescriptions as a reason for his shifting views.
Potential Economic Perks:
According to the Penington Institute’s Cannabis in Australia 2022 report, the country spent over $1.7 billion on cannabis-related law enforcement between 2015-2016, with 90% of these charges being for personal use or possession. Researchers at the Penington Institute argue that decriminalising cannabis could save Australians $850 million a year. However, they suggest that legalising cannabis could save taxpayers as much as $1.2 billion annually. John Ryan, CEO of Penington Institute, stated: “It’s time to pull Australia into the present and capitalise on the many and varied opportunities that a proper, regulated cannabis market affords us. It also makes clear economic sense, allowing for taxation schemes to direct critical funding into prevention and treatment efforts.”
The NSW Perspective:
NSW Premier Chris Minns, in his 2019 speech, argued that legalising cannabis would make it “safer, less potent and less criminal” by allowing the state to regulate the drug. He also highlighted the potential economic benefits of legalising cannabis, such as the ability to regulate its content and generate tax revenue from its sale. However, Minns has recently ruled out decriminalisation, stating that his views have changed in light of the increased availability of medicinal cannabis prescriptions.
The debate over cannabis legalisation in Australia and NSW continues to evolve as public opinion shifts and political discussions intensify. With the potential for significant economic perks and the growing support for change in legislation, it remains to be seen how the Australian and NSW governments will respond to this pressing issue.