How much does it cost to raise a kid? Report reveals sky-high cost of the first five years

A spotlight on the rising costs of raising a young child. 

The latest report by Crayon —a support group working to reduce financial stress for parents— states the first five years of a child's life alone can cost parents almost $180,000.  

It's often nearly a third of parents' take home pay, and childcare alone often costs around $20,000 a year, per child.  

Founder Stephanie Pow told Mike Hosking with the current policy settings, there are very real costs and trade offs that parents have to deal with, but it doesn't have to be that way. 

She says our parental leave system is in the bottom quartile for primary carers, we have no paid partners leave, and some of the least affordable childcare in the world. 

But, Pow says, other countries have successfully tackled this issue and seen the benefits of it.  

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