A crackdown on alcohol-related violence in Australia's most populous state, which will enforce earlier closing times for liquor stores and nightclubs, is only likely to have a minor impact on Australia's night-time economy, analysts told CNBC.
Following growing public angst over a series of unprovoked assaults – known as one-punch attacks – policy makers have introduced a series of measures to try to control binge-drinking related violence in New South Wales. Liquor stores statewide must now close at 10pm and nightclubs and bars in Sydney's city center and Kings Cross are banned from allowing entry after 1.30am and from serving drinks after 3am.
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"These rule changes are mainly specific to Sydney and are unlikely to have any kind of major impact on the services sector," said Evan Lucas, strategist at trading firm IG. "It's more about curbing the issues around binge drinking. I can't see any major economic impact."
The curbs come at a time when many economists are worried about Australia's growth outlook. The so-called 'lucky country's' mining boom is widely perceived to be over, and the nation's central bank has been forced to cut interest rates eight times over the past few years in a bid to stimulate other parts of the economy.
According to an article in The Telegraph, the Australian Hotels Association said the lockouts and closures will have an "undeniable impact" on the night-time economy, penalizing well-run businesses that have nothing to do with the violence.
However, according to Rob Moodie, professor of public health at University of Melbourne, the curbs could actually give the services sector a boost if a safer environment encourages more Sydney dwellers to go out at night.
Furthermore, the overall economy could benefit from reduced pressure on the police and emergency services, he added.
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"We've seen from when these rules were introduced in the state of Newcastle in 2008, they've been effective in reducing alcohol related assaults by 35 percent, which has been maintained over the subsequent five years. A lot of people don't feel safe going out, this is the right thing to do to make Sydney a safer place. Perceptions are important," he added.
"The same thing happened when smoking was banned in pubs and clubs. People worried that business would lose customers, but instead the people who avoided these places due to the cigarette smoke, started to go out more, offsetting the impact," he said.