Childcare sector on verge of collapse

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Via Domain:

Four out of five childcare centres are on the brink of collapse and the out of school hours care industry fears it may never recover from the COVID-19 crisis, with both sectors being told they must wait for financial relief until the government orders them to close.

The Early Learning and Care Council of Australia said mass closures would begin early next week, as parents take their children out of centres and refuse to pay fees as they lose their own jobs.

“More than 80 per cent of Australia’s early learning and care services are facing closure in the very near future and Australia wide we are looking at the potential of 150,000 job losses across the sector,” the council’s chief executive Elizabeth Death said.

In honour of SloMo, allow me to take a brief and innappropiate comedic divergence . At my grandfather’s funeral some years ago the pastors’s name was Reverened Death. I learned that day that it is pronounced “Deeth”.

About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.