Best Start, Best Life reforms are expected to deliver tens of billions of dollars to the Victorian economy, the state government has announced.
An independent analysis from Deloitte shows that Best Start, Best Life alone will boost Victoria’s workforce by up to 24,800 full time equivalent (FTE) and increase the state’s real gross state product (GSP) by between $1.9 billion and $2.8 billion in 2032-33.
By 2061-62, the benefits are expected to swell further – delivering an average real GSP increase of between $4.8 billion and $7.9 billion, with up to 72,500 additional FTE per year.
The state government said any of the benefits will come from an increase to women’s participation in the workforce which the program will create, by bettering the early childhood system.
Lack of access to childcare takes almost 26,600 women entirely out of the workforce in Victoria, according to the state government, and costs the economy $1.5 billion per year in lost earnings alone.
The state government said more than half of women who want to do more paid work say childcare is the main barrier preventing them.
By making kinder free across Victoria from 2023, delivering a new year of universal Pre-Prep for 4-year-olds from 2025 and establishing 50 government-operated, affordable childcare centres. the state government hopes Best Start, Best Life will deliver these huge benefits.
“We knew our Best Start, Best Life reforms would make a difference to the bottom line of families across Victoria – and this new analysis confirms our state will be billions better off for decades to come,” early childhood education and pre-prep Ingrid Stitt said.
