The cost of raising a child today has skyrocketed fifty per cent more than its recorded amount six years ago, according to a report by AMP and the National Centre for Social and Economic Modelling. The report reveals that a middle-income family now is facing the inevitable - - that is, spending more than half their expenses half a dozen years ago.

A good quality of life may await to the members of mid-income family if they have a staggering amount of $812,000 for their two children age zero to 24 - - the amount shot up from the recorded spending of the same family size and demographics in 2007 at only $537,000.

Of the total amount of family spending at $812,000 today, the report noted that this translates to raising a family of two children. Data shows that the biggest portion of the family budget across all income groups goes to food and transport - - 18 percent of the household bugdet with two children from birth to age 24 is spent on food, while 20 percent of the total expenses goes to transportation.

A middle-income family must have an average $458 a week for two children, zero age to 24.

"The cost of kids for a typical middle-income family has risen by around 50 per cent since 2007 but average household incomes over the same period have only grown 25 per cent," AMP financial services managing director Craig Meller said, according to The Australian.

The question is, what happens to the average-income family who can only spend so much for their family. The report underscores that families spend more money raising children than giving priorities to other basic needs like education.

The report poses danger on the average income families who have been struggling to make ends meet. To curb the likelihood of poor quality of life among its people, the report recommended that the government provide financial assistance and subsidize the remaining amount not produced by families from the average income groups. This is estimated at less than a quarter or 23 percent of the weekly expenses needed to raise kids at $488. In the ideal world, the government, when it adhered to the call of the report for financial assistance will give each family $111 a week to live a good quality of life.

If the government is spending almost 25 percent for the average income group, more fundings from the government coffers are estimated to provide the same quality of life for families in the lower income group, suggested at 85 percent.

Failure of the Australian government to provide assistance, particularly to the average income family would likely result in worsening marginalization of the lower income families. As they struggle to attend to basic needs, other social and economic needs like good quality education are highly jeopardized. Failure of the parents to provide good quality education to their children would mean an even poorer situation awaits them as they get older and raise a family of their own. The cycle continues.

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