'It's absurd': Childcare is costing parents more than fees for exclusive private schools - with some spending $50,000 a year. It's costing $50,000 a year for full time care, and $30,000 for part time care
We see the fruit of all encompassing regulation. When I was a kid, parents would send their kids to be minded to the old lady over the road who had already brought up her own family. She charged pennies so those who only earned pennies could afford it. And because she was known in the area there were no fears about it.
That should still be allowed but these days she would be a deep-dyed criminal, in breach of dozens of regulations. Why not revive the old system by allowing a regulated and an unregulated sector? We would soon see how much parents valued the regulations which are allegedly "for your own good"
Parents are forking out more for childcare than the cost of the some of the country's most exclusive private schools, with some centres now charging over $200 a day.
In the most extreme cases, daycare costs are setting Sydney families back $50,000 a year for care five days a week, and $30,000 for part time care.
Parents would be paying less to send their children to Cranbrook in Sydney's eastern suburbs, an elite boys' kindergarten to year 12 college, which costs $37,230 per year.
Australian Childcare Alliance NSW chief Chiang Lim told the Saturday Telegraph that Sydney is the hardest hit city in the country when it comes to extreme childcare costs.
'It is absurd that it can be more expensive than some of the elite private schools in Sydney,' he said.
A recent OECD cost of living report found that Australia has some of the highest childcare costs in the world.
On average, Aussie parents are spending 26 per cent of their joint incomes on childcare.
Sending one child to daycare in Mosman, on the north shore, costs an average of $159.56 a day, with one centre charging $210.
Meanwhile, fees in Coogee are slightly less at an average of $150 per day, while Canterbury in Sydney's inner west costs $115 for a day of care.
'We really need a review of the entire system,' Mr Lim said.
Wealthier families in Sydney's affluent suburbs put their kids on the waiting lists of community pre schools with cost just $40 a day.
Childcare subsidies are paid directly to the centres, but are capped at an hourly rate of $11.77, which doesn't offer big savings for struggling families.
Couples with a combined income of $351,248 per year don't qualify for subsidies, and parents who take in between $186,958 and $351,247 have a capped subsidy of $10,190 per child.
This has lead to parents working less or finding other ways to get their children looked after.