The Cost of Kids: the cost of raising children in Australia
In terms of love, hope, time and effort, raising children can be the greatest investment people make.
But what about money? What does it cost a family to raise children in Australia today?
The answer to this question is important not only for existing and prospective parents, but also for governments, as they design policies and payments to assist families with children.
In the 33rd AMP.NATSEM report we look at the cost of raising Australian children and finds that it costs a typical middle income family $812,000 to raise two children from birth until they leave home. This is up from $537,000 in 2007 when we last looked at the cost of raising children.
Since the 2007 report, the economy has navigated well through a global financial crisis with household income growing by a healthy 25 per cent. For many families however, certain child related costs such as child care and education have increased substantially and the perception is that the cost of living has also grown significantly. In this report we evaluate what parents are spending on their children and where the biggest expenses occur across a number of family types.