Investing in early learning great for the economy
Labor Leader Anthony Albanese’s plan to make early learning and care more affordable would be great news for the Australian economy, boosting workforce participation and reducing cost barriers for children to access early learning, according to Australia’s largest not for profit early learning provider, Goodstart Early Learning.
Goodstart CEO Julia Davison said Labor’s proposal recognised that investing in early learning and child care was proven to be one of the most effective investments that governments can make.
“Research released last month by both KPMG and the Grattan Institute modelling of reforms similar to Labor’s proposal, projected an economic boost to the economy of between $5 – 11 billion from the productivity gains of higher women’s workforce participation”, she said.
“And research by Nobel Prize winning economist James Heckman shows that increasing access to early learning offers large long term economic benefits by better preparing children for learning and later life.
“Child care was recognised as an essential industry, crucial to the economy during the COVID-19 pandemic. More affordable early learning and care is also crucial for children and for the economy in supporting the workforce, particularly women, in the recovery from the post-COVID-19 recession.
“It is good economics and good social policy that Labor Leader Anthony Albanese has made funding early learning and care one of his first major policy commitments.
“We would encourage the Federal Government to match Labor’s commitment so that cost is no longer a barrier for children to access early learning, or for their parents to return to work,” she said.