The cost of raising two or more children in Australia has surged to at least $36,500 per year, according to new research by the advocacy group The Parenthood. This represents a 134% increase in costs over the past 20 years, while household incomes have only grown by 102% in the same period. Childcare expenses now account for 33% of the total cost of raising children, up from 27% in 2003. The Parenthood’s analysis, conducted by Connell Griffin, highlights the growing financial strain on families, particularly as the cost of early childhood education and care has become a major barrier. Georgie Dent, CEO of The Parenthood, will speak at the National Press Club in Canberra about the challenges faced by Australian parents. She notes that having children can reduce the earnings of women by an average of 55% over the first five years of parenthood. Even with both parents working, many families find it difficult to manage their budgets. “For many families, it feels like a cruel game of whack-a-mole,” Dent will say. “One obstacle towers over the others: early childhood education and care.” She argues that families often cannot access, afford, or trust the childcare options available, and that these challenges are largely shaped by market conditions. Dent will call on the government to create a clear policy path for improving parental leave and childcare access. She advocates for expanding paid parental leave from the current 26 weeks to 52 weeks and for meaningful leave for fathers and partners. She also urges the Labor government to deliver on its promise of a universal childcare system, with well-paid workers, controlled fees, and the establishment of a new national commission to oversee the effort. Her speech comes in the wake of a report showing that for the first time in 40 years, more Australians are expected to die than be born, signaling a long-term decline in population and a drop in the fertility rate. Australia’s fertility rate is projected to fall to 1.34 children per woman by 2065–66, down from 1.5 in 2030–31. This has been below the replacement rate of 2.1 for 50 years and is expected to lead to a population decline of 1.7 million and a rise in the median age by 1.7 years. The report attributes this trend to a range of factors, including better access to contraception, more time spent in education and career development, and delays in forming partnerships and starting families. Treasurer Jim Chalmers has stated that the government remains committed to moving toward a universal childcare system, with steps already taken, including a three-day childcare funding guarantee and a $1 billion program to build centers in underserved areas. “It is still our ambition,” Chalmers said, emphasizing that the goal will be achieved through a series of steps over time.