Friday, June 25, 2021

Australian govt pledges 1.7 billion Australian dollars in childcare subsidies

Australian Government has pledged 1.7 billion Australian dollars in childcare subsidies to boost the female participation in the workplace. The spending targets families with more than one child in daycare, boosting subsidies for those with two or more children aged up to five years-old to a maximum 95% subsidy for their second and subsequent children.

Australian government Treasurer Josh Frydenberg said that the measures are targeted, and are an investment in making Australian economy stronger and boosting female working participation.

He added that the treasury estimates the additional spending will encourage up to 300,000 in additional work hours a week – equivalent to 40,000 people working an extra day a week and boost Australia’s economic output by about 1.5 billion Australian Dollars a year.

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