RISING INTEREST RATES AND CHILDCARE COSTS SQUEEZING HOUSEHOLD BUDGETS, MORE AFFORDABLE EARLY LEARNING NEEDED: THRIVE BY FIVE
7 November 2023 – The Reserve Bank’s announcement that the cash rate will rise to 4.35 per cent, combined with the rising cost of early learning and household bills, will increase the risk of children missing out on early learning, according to Minderoo Foundation’s Thrive by Five campaign.
Minderoo Foundation’s Jay Weatherill today urged the Federal Government make quality early childhood education and care more affordable and provide crucial cost of living relief for households with children under five.
“The rising costs of living are hurting Australian parents, with everyday costs increasing rapidly. The interest rate increase announced today will only increase the burden,” Mr Weatherill said.
“Every child in every postcode in Australia should have the opportunity to access quality early childhood education and care.
“No child should miss out because of the financial circumstances of their parents or because they live in a regional, rural or remote area. No Australian parent should be held back from work because they cannot afford safe and high-quality care for their young child.”
A recent national poll conducted for The Parenthood by Essential Research found 62 per cent of parents with children under the age of six say they are struggling financially and only three in 10 parents who use centre-based early learning say the costs are easily manageable[1].
Six in 10 parents say that they or their partner would work different hours if childcare was not so expensive.
“Reducing the cost of high-quality childcare will free up family budgets, help address inflation and support more parents to re-enter or stay in the labour market.
“We want significant reform from the Federal Government on universally accessible early childhood education and care in this term of government, so childcare can join Medicare and the NDIS as lasting legacies of Labor reform,” Mr Weatherill said.
