A new report has discovered that less than half of all Australian LGBT employees are completely out at work.

The study, by the Royal Melbourne Institute of Technology (RMIT) and Deloitte, surveyed 1,600 LGBT employees and found that only 32% of respondents are out to all of their colleagues.

The report, titled 'Out at Work', also revealed that the employees who aren't out at work suffer from decreased wellbeing and productivity.

It also discovered that workers who are not out at their workplace are 50% less satisfied with their job compared to LGBT employees who are out.

In addition, results revealed that employees who are out at work are 28% more likely to provide great customer service, 50% more likely to innovate than those who are not out and 35% more likely to work effectively in their team.

Lisa Annese, the CEO of Diversity Council of Australia, said the results prove that being out and open at work is essential for a happier work-life.

She said: "A large proportion of LGBTITQ+ employees are still not comfortable being themselves at work. And yet hiding who they are can be costly not only to their own wellbeing but also to the organisations they work for.

She continued: "This report comprehensively quantifies the business case for creating LGBTIQ+ inclusive workplaces in Australia. I urge employers to take a good look at what they can do to take advantage of the benefits; not only for their LGBTIQ+ employees but for their organisation as a whole."