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The National Economic Cost
The estimated economic cost Per Annum of road accidents is substantial, and it includes expenses such as medical costs, property damage, lost productivity, and legal fees.
$29 Billion
Total Economic Cost
Breakdown
$14.7 Billion
Lost Productivity
$3.6 Billion
Property Damage
$7.8 Billion
Pain and Suffering
$2.7 Billion
Medical Costs
$1.1 Billion
Emergency Services
$403 Million
Insurance Administration
$663 Million
Congestion
$338 Million
Legal and Court Costs
$172 Million
Vehicle Operating Costs
*It's important to note that these estimates are based on a range of assumptions and are subject to some uncertainty. Nonetheless, they provide an indication of the significant economic costs associated with road accidents in Australia, and the need for continued investment in road safety initiatives to reduce the number of accidents and associated costs.
The report by the Australian Automobile Association also estimates the cost of road accidents in each state and territory.
The breakdown is as follows:
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New South Wales: $8.4 billion
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Victoria: $5.0 billion
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Queensland: $6.0 billion
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Western Australia: $2.7 billion
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South Australia: $1.9 billion
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Tasmania: $232 million
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Australian Capital Territory: $140 million
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Northern Territory: $143 million
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It's worth noting that these figures are estimates and may vary from year to year. Nonetheless, they highlight the significant economic impact of road accidents and the importance of ongoing investment in road safety initiatives.
Cost Per Individual
The average estimated economic cost Per Individual involved in a road accident is substantial, and it includes expenses such as medical costs, property damage, lost productivity, legal fees plus compensation to immediate family.
Breakdown
$4.1 Million
A Fatality
This figure includes not only the immediate costs of medical and funeral expenses, but also the longer-term costs of lost productivity and reduced quality of life for the victim's family and the wider community.
$22 Thousand
A Minor Injury
$430 Thousand
A Serious Injury
This includes costs such as medical treatment, rehabilitation, and lost productivity due to the injury and and can vary depending on a number of factors, including the type of injury sustained and the age and income of the victim.
$650 Thousand
Compensation To Immediate Family
This includes costs such as medical treatment, rehabilitation, and lost productivity due to the injury and and can vary depending on a number of factors, including the type of injury sustained and the age and income of the victim.
This can include funeral expenses, financial support for dependents, and other forms of support and assistance for the family members left behind depending on the specific circumstances of the accident and the state or territory in which it occurred.
* The stats and figures are according to a report by the Australian Government's Bureau of Infrastructure, Transport and Regional Economics (BITRE). The BITRE report also notes that the cost of a fatal accident can vary depending on the mode of transport involved, with fatalities involving heavy vehicles such as trucks generally having a higher cost due to the potential for greater damage and injury.