N@N

Childcare package an early Christmas present to parents and children

The article from the Australian Financial Review discusses the Australian government's new childcare package, which is described as an "early Christmas present" for parents and children. This package aims to reduce the cost of childcare, making it more accessible and affordable. Key points include an increase in the Child Care Subsidy (CCS) rates, with the maximum rate rising from 85% to 90% for families earning up to $80,000, and a gradual reduction for higher income brackets. Additionally, the package removes the annual cap on subsidies and extends subsidies to more families by adjusting the activity test. The initiative is part of a broader strategy to encourage workforce participation, particularly among women, and to support early childhood education, which is seen as crucial for long-term economic and social benefits. The government estimates that this will save families an average of $1,700 per year, with some families saving significantly more.

Read the Full The Australian Financial Review Article at:
[ https://www.afr.com/politics/federal/childcare-package-an-early-christmas-present-to-parents-and-children-20241216-p5kyn1 ]