ELACCA welcomes PwC report on economic impact of ECEC
The Early Learning and Care Council of Australia (ELACCA) has welcomed the recently released PwC A Smart Investment for a Smarter Australia report on the economic impact of sound and continuous investment in early childhood education and care (ECEC).
As reported by The Sector, the Smart Investment report analysed the benefits of an early education, revealing that for every dollar invested in early learning, $2 in returns are delivered across the life of a child, doubling the return on investment.
ELACCA CEO Elizabeth Death said she was “absolutely delighted” with the study and its findings that clearly verify the benefits of investing in an early, high quality education for our children.
“This is the first time Australia has had a true economic analysis of early childhood education and the results speak volumes for the positive benefits it brings to children, families, government, business and the economy,” Ms Death said.
The findings of the report, she outlined, were impossible to ignore, “particularly the fact that universal access to quality education before school would see a $997 million increase in lifetime earnings and educational achievements for Australian children who will also enjoy better health and well-being.”
Ms Death said the report underpins the early learning sector’s advocacy about the benefits of quality early learning, and provides a foundation to continue working hard and collaboratively towards realising the positive outcomes for children well before they transition to school.
She described early learning as “a key economic enabler that will allow our children to flourish and seize those opportunities in a world where learning new skills throughout life will soon become the norm”.
“This study is ground breaking and presents a very real and positive opportunity for government, business and early learning sector stakeholders to collaborate, embrace the evidence and commit to investing further in early childhood education and the future of every Australian child,” Ms Death said in closing.