Thrive by Five welcomes release of Deloitte study showing early learning reforms will deliver billions to the state economy
1 September 2022 – Minderoo Foundation’s Thrive by Five has welcomed the Victorian Government’s release of independent analysis from Deloitte that shows its Best Start, Best Life early reform package will boost Victoria’s workforce by up to 24,800 full time equivalent jobs and increase the state’s GSP by between $1.9 billion and $2.8 billion in 2032-33.
The report found benefits will grow to an average real GSP increase of between $4.8 billion and $7.9 billion, with up to 72,500 additional FTE per year by 2061-62.
Thrive by Five Director Jay Weatherill said, “On the first day of the Jobs Summit, it’s significant that this new Deloitte report has comprehensively shown that early learning reform is not just a critical social reform, it can be a key driver of jobs and economic growth.
“Early learning reform is good for children. It’s good for women and families. It’s good for jobs and the economy.
“This is not women and parents ‘failing’ at making early learning work for their circumstances, this is a system falling short of people’s modern and evolving needs and expectations.
“Australia’s pool of highly skilled, talented and capable women remain one of our greatest untapped workforce resources, too many held back by a lack of access to affordable and high-quality early childhood education and care.
“The bottom line is investment in early education is an investment in women’s workforce participation and economic growth. And this should be top of the agenda at the Jobs and Skills summit,” he said.
Thrive by Five is calling on the Federal Government to:
- bring forward to January 2023 its commitment to increase the maximum Child Care Subsidy rate to 90 per cent;
- remove activity tests to access the Child Care Subsidy;
- fund an immediate pay rise for early childhood educators and teachers, comparable to the salary and conditions of the school education sectors; and
- reinstate funding for Indigenous-led child and family centres across Australia as recommended by the Secretariat of National Aboriginal and Islander Child Care