Submission to Select Committee on Cost of Living
March 2024
Money matters in the first 2000 days of life (conception to age 5 years). During this period, our brains develop more rapidly than any other time. A family’s financial wellbeing affects their child's lifelong health, development, wellbeing, and educational opportunities.
A paradox of this time is that household income drops at childbirth and takes many years to recover. With Australia’s increasing cost of living, more children and families are experiencing financial hardship (material deprivation and poverty).
Inequitable outcomes harm society by increasing health service costs and reducing economic productivity. The early years are when investment into prevention and early intervention is most effective and cost-effective.
Our submission to the Parliament of Australia's Select Committee on Cost of Living focuses on the impact of cost of living and financial hardship in the first 2000 days. It recommends four mechanisms to buffer Australian children and families from the negative impacts of financial hardship during this critical period.