Cost of raising two children in Australia has risen 134% in two decades, study says
Summary
The cost of raising two children in Australia has increased by 134% over the last 20 years, reaching at least $36,500 annually. Childcare costs are a major part of this expense, while household incomes have grown by 102% in the same period, making it harder for families to manage their budgets.Key Facts
- Raising two or more children in Australia now costs at least $36,500 per year.
- The total cost has increased by 134% over the past 20 years.
- Household income has grown by 102% in the same time frame.
- Childcare costs make up 33% of the total cost of raising children today, up from 27% in 2003.
- Women’s earnings drop by about 55% in the first five years of parenthood in Australia.
- Many families need two incomes to meet their expenses but still have little financial flexibility.
- The government aims to create a universal childcare system and extend paid parental leave from 26 to 52 weeks.
- Australia’s fertility rate is expected to fall to 1.34 children per woman by 2065–66, below the 2.1 needed to replace the population.
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