Table 6.
Value of life in Australia
| No | Area | Source | Relevance | Type of estimate | Stated value (AU$) | Year | 2019/2020 Value* (AU$) | VOLY (AU$) | VSL (AU$) | QALY (AU$) |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Health | Henry, Hill & Harris | Estimate based on PBAC decisions between 1994–2003 | QALY | 52,400 | 2003 | 52,400 | 48,206 | 996,295 | 52,400 |
| 2 | Health | Paris & Belloni | Estimate of maximum cut-off based on PBAC decisions between 2005–2009 | QALY | 75,000 | 2009 | 75,000 | 68,997 | 1,425,994 | 75,000 |
| 3 | Health | Wang, Gum & Merlin | Threshold used to compare PBAC and NICE decisions 2005–2015 | QALY | 50,000 | 2015 | 50,000 | 45,998 | 950,663 | 50,000 |
| 4 | Transport | BITRE | Estimate of the cost per road fatality | VSL | 2,400,000 | 2006 | 3,215,595 | 183,838 | 3,215,595 | 199,832 |
| 5 | Environment | NEPC/Boulter & Kulkarni | Economic analysis to inform the National Plan for Clean Air | VOLY | 288,991 | 2011 | 288,991 | 288,991 | 5,054,867 | 314,133 |
| 6 | Environment | NEPC/Boulter & Kulkarni | Economic analysis to inform the National Plan for Clean Air | VSL | 6,000,000 | 2006 | 6,000,000 | 343,025 | 6,000,000 | 372,868 |
| 7 | Other | PM&C | For use in cost–benefit analyses for regulation impact statements | VOLY | 213,000 | 2019 | 213,000 | 213,000 | 3,725,676 | 231,531 |
| 8 | Other | PM&C | For use in cost–benefit analyses for regulation impact statements | VSL | 4,900,000 | 2019 | 4,900,000 | 280,137 | 4,900,000 | 304,509 |
*Values were only updated to 2019/2020 values if they were not already up to date, and if guidance suggests that this is required/appropriate. Only the values in italics were adjusted. Values in bold are the original values, after adjustments. A discount rate of 1.5% and life expectancy of 81.1 were used in calculations. All values are in local currency