Life insurers have joined a mental health advocate in calling for the federal government to deliver on its $1 billion election promise to fund wellbeing initiatives.

The Council of Australian Life Insurers is one of many signatories to an open letter by Australians for Mental Health.

“We welcome the Albanese government’s $1 billion election commitment to fund mental health supports in our communities,” the letter says. “Getting this funding rolling out as quickly as possible will help to provide more Australians with much-needed access to mental healthcare.”

The letter calls for the government’s three-day economic roundtable, starting tomorrow, to consider co-ordinating a response to the mental health crisis; increasing public and private care system resources to provide early treatment; and investing in the mental health workforce.

“Having a thriving economy means getting serious about mental health as core to our national wellbeing,” the letter says. “The productivity dividends from taking action on mental health will boost our nation’s economic wealth for decades to come.”

CALI CEO Christine Cupitt said: “Addressing the mental health crisis could be the single biggest productivity reform Australia can make this decade.

“Life insurers play an essential role in strengthening Australia’s financial safety net, but by the time someone comes to us, they’ve often exhausted all supports available.

“They’re really unwell, and it is extremely hard to help them recover and get back to work.”

Mental illness is one of the leading causes of temporary and permanent disability among workers aged under 30, and the Productivity Commission estimates it costs Australia’s economy as much as $220 billion a year.