7/12/2023 0 Comments Typical household budget![]() “The new estimates of the cost of children are considerably higher than those produced by updating the original budget standards created in 1995 because prevailing community standards have shifted upwards over the past two decades,” Professor Saunders said. ![]() Other, shared costs include the additional energy bills required to keep the home adequately warm and transport costs associated with ferrying children to school and activities. The most expensive budget items were housing costs, based on families paying average prices for rental accommodation in Sydney, Melbourne or Brisbane, followed by food, household goods and services. While at the lower unemployed standard, the weekly costs of raising two children is $280 per week, or $140 a week per child. The study found the estimated weekly costs for low-paid families of raising two children – a 6 year-old girl and a 10 year-old boy – is $340 per week, or $170 a week per child. “A series of focus group interviews with low-income families told us how they manage on their budgets which turned up important trends, including clothes swapping for school uniforms and buying more home-brand or generic items in supermarkets and chain stores.” “For example, we included the costs of mobile phones which are now commonplace and what it costs to feed and clothe children by pricing shelf items in nationwide stores, such as Woolworths and Kmart. “We updated the existing budget standards using new ABS data on what Australians own, what they do and what they spend their money on,” he said. Professor Peter Saunders said that the budget standards approach identifies and then costs all of the items that are needed to achieve a ‘minimum income standard for healthy living’ in Australia today. The research was carried out by the UNSW Social Policy Research Centre using a ‘budget standards’ approach to estimate the cost of children’s food, clothing and footwear, health, personal care and school expenses and their share of household expenses like housing, household goods and services (including energy) and transport costs. “Families are interested because the cost of raising children affects their wellbeing and the decisions they make about managing the burden of care, and policy makers need robust information to inform family policies, including the adequacy of minimum incomes,” Ms Hollonds said. Institute Director, Anne Hollonds said the costs of bringing up children are of intense interest to both families and policy makers. The figures - published today by the Australian Institute of Family Studies’ - show the weekly costs of raising a child range from $140 for unemployed families and $170 for low-paid families.
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