It’s safe to say the cost of childcare may come in as a close second in deterring parents-to-be from starting a family.
The cost-of-living crisis continues to plague most Australian households. But a pernicious “cost-of-working crisis” is also enveloping many families.
And understandably so. Without the luxury of grandparents or relatives who are willing and able to step in, it’s an unavoidable cost. For parents of young children, going to work necessitates paying for formal early childhood education and care, the cost of which has skyrocketed. Broke if you work, broke if you don’t, work is the trap for these families.
The damage doesn’t stop there. Rapidly rising childcare costs are a leading contributor to service cost inflation, keeping interest rates higher than they need to be. For families already struggling with housing and other rising costs, this creates a crushing double whammy. It’s no wonder young families are having fewer children than ever.
The childcare subsidy has proved itself time and time again adept at driving up out-of-pocket costs for families. It has proved inept at driving supply in regions or areas where few parents can afford to pay huge fees.It has done little to ensure children who would benefit the most from participating in early childhood education and care are attending. Insanity is defined as doing the same thing over and over and expecting a different result.
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