With the royal birth making headlines around the world, we thought it might be interesting to take a look at out how much it costs to raise a child today. (Not that the royals have to be too worried about their budget...)
So how much is your bundle of joy going to cost? Well it depends on where you live, but the Australian average is currently sitting at around $276,000, that's how much it costs to raise one child from birth until they are 18, not including education costs.
On the subject of education, the costs of sending your child to school can range from $12 a week for a public school, to $81 a week for a catholic school, all the way up to $216 a week for private schooling.
Other main costs are food, of course, which adds up to about $60,000 over the child's first 18 years, as well as health costs ($4,140), books, toys and other leisure ($15,491), clothing ($13,718), additional electricity usage ($8,503), and a whopping $80,000 extra housing costs, assuming you'll be now renting a house with two rooms instead of one.
Most Affordable City To Raise A Child
Surprisingly Sydney comes in at the number one spot, even with the high housing costs, the total to bring up a child there is at $234,000.
Perth is the most expensive, at $332,000, closely followed by Darwin at $324,000.
- Sydney - $234,000
- Adelaide - $251,000
- Canberra - $259,000
- Hobart - $268,000
- Brisbane - $294,000
- Melbourne - $297,000
- Darwin - $324,000
- Perth - $332,000
The royals needn't worry about our high prices, as the Brits have got it the best. The average cost to raise a child in the U.K is $240,000, compared to the U.S.A's average of $253,000, all way behind us at $276,000. (All figures are in AUD)
Overall, including all government subsidies, the average cost of raising a child per week for a middle income family in Australia today is $375. Low income earners are out of pocket $46 per child, while the wealthiest families are paying $733 per child.
So what do you think? Prepared for these costs or have you changed your mind about the size of your prospective brood?