Public libraries generate $253 million of annual benefits
To quantify these benefits, we monetised the opportunity costs accepted by users when visiting public libraries. This includes their travel and time costs when using the library, as reported in an extensive survey of South Australian public library users.
Essentially these costs have alternative uses and require a conscious decision to invest; meaning that the benefits derived by public library users must outweigh these costs (as a minimum).
The value enjoyed by non-users of public libraries reflects the values revealed in extensive surveying of library non-users in Queensland and Victoria, using stated preference techniques.
So how do the public libraries benefits compare to costs? Public libraries in South Australia generated $253 million of annual benefits. After accounting for operational costs, the net community benefits were estimated at $164 million per annum.
This equates to $96 per capita per year in net community benefits. It also means that for every dollar invested in public libraries, $2.80 of benefits are generated for the South Australian community.