Child Care Services Industry Report

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1 Services Industry Report

2 Child Care Services Industry Report Industry Division Health Care and Social Assistance Industry Subdivision Social Assistance Services Industry Groups Child Care Services Industry Classes Child Care Services The ANZSIC is a hierarchical classification with four levels, namely Divisions (the broadest level), Subdivisions, Groups and Classes (the finest level). At the Divisional level, the main purpose is to provide a limited number of categories which provide a broad overall picture of the economy and are suitable for the publication of summary tables in official statistics. The Subdivision, Group and Class levels provide increasingly detailed dissections of these categories for the compilation of more specific and detailed statistics. Data referenced in report All data referenced in this report has been updated with the latest available figures when prepared as at October Data sources used include: ABS: Counts of Australian Businesses, including Entries and Exits, Jun 2010 to Jun 2014 released 02/03/2015 ABS: Australian Industry, released on 29/06/15 ABS: Labour Force, Australia, Detailed, Quarterly, Aug 2015 released on 17/09/15 ABS: Australian Demographic Statistics, Mar 2015 released on 24/09/15 Australian Government Productivity Commission Report on Government Services 2015 IBISWorld Reports: Q8710 Child Care Services in Australia February 2015 Based in part on Bankwest Economic Updates, Australian Bureau of Statistics data used pursuant to the Creative Commons Attribution 2.5 Australia license (available online at: and the following IBISWorld Industry Report Q8710 Child Care Services in Australia February 2015

3 Industry Overview The Child Care industry class consists of businesses which provide child care services. The vast majority of services are provided to children aged 14 years and under, and include long day care, family day care, vacation care and after school care. Child Care sits within the larger Healthcare and Social Assistance industry division, and the Social Assistance Services subdivision, as one of two industry groups along with Other Social Assistance. Child Care is the largest industry class within the Social Assistance Services subdivision, accounting for more than four in five businesses (80.5%). Childcare Industry Revenue ( ) $10.6 billion Average business profit margin 7.7% Child Care Services Annual Growth ( ) 11.7% Child Care Wages ( ) $6.8bn Annual Growth ( ) 6.1% Number of Child Care industry class businesses in operation (June 2014) 10,059 Population growth and increased labour force participation will continue to support the demand for childcare services to The Australian population is projected to grow by 17.4% to 28.1 million in million more people than in Attracting and retaining staff remains a central issue for business owners and managers. Over the five years through , employment numbers are expected to increase by an annualised 10.0%, driven by higher wages and an expected increase in the number of operational childcare centres. Given the labour-intensive nature of child care, wage costs are a high proportion of total business costs. Total wages for the period were $6.8bn, accounting for 63.8% of industry revenue, compared to less than half (49.9%) of average costs of all industries in the sector during the same period. Combined with increased regulation, requiring enhanced qualifications and certification of staff, total wage costs are expected to continue to grow. However, wages as a proportion of revenue are expected to trend downwards as revenue growth marginally outstrips wage growth. Government expenditure, subsidies and rebates for childcare have a significant impact on total industry revenue and have grown strongly over the past decade. The Federal Government provides social assistance payments via the Child Care Benefit (CCB) and Child Care Rebate (CCR) designed to help families with the costs associated with raising children. A further increase in CCB and CCR payments is expected in , despite an expected fall in the overall level of social assistance. Number of Workers Child Care Services ( ) 000 Workers

4 % of revenue Sector vs. Industry Costs 100% 80% 60% 40% Profit Rent Utilities Depreciation Other Wages Purchases 20% 0% Source: IBIS Industry Drivers - Child Care Services Industry Class Population Aged 14 Years and Under, Number Residents, % Total Population ( ) 8,000,000 Population aged 14 and under (LHS) 7,000,000 % Total population (RHS) 6,000,000 5,000,000 4,000,000 3,000,000 2,000,000 1,000, % 25.0% 20.0% 15.0% 10.0% 5.0% 0 0.0% Population aged 14 and under The biggest driver for child care is demand from families with children aged 14 years and under. There are now more than 4.4 million people aged 14 and under in Australia, up 11.4% over the past 10 years. While this group is a shrinking share of the population, it still accounts for 18.9% of the total population.

5 Gross Weekly Household Income, All Persons, to $2,500 $2,000 1,660 1,346 1,422 1,386 1,428 1,526 $1,500 1,290 1,273 1,307 1,927 1,868 1,940 2,063 $1,000 $500 $ Household disposable income Higher-income families are more able to afford child care, and with rising gross weekly income, along with higher government spending, industry revenue is likely to be positively impacted. Female Labour Force Participation Rate (%), 1995 to % 59% 58% 57% 56% 55% 54% 53% 52% 51% 50% Female labour force participation Over the past few decades, the proportion of women participating in the labour force has risen from around 53% to close to 60%. This has a strong bearing on demand for child care, with families where both parents work being the largest consumers of child care services. General workforce participation rates also affect demand for childcare services, however labour force participation rates are expected to fall slightly over Total Government Child Care Expenditure, to , $ Billion 8,000 $ Million 7,000 6,000 5,000 4,000 3,000 2,000 1,000 3,279 3,302 3,572 3,792 5,066 5, (i) Source: Productivity Commission Government Expenditure Federal Government funding, via the CCB and CCR, between and is expected to exceed $19.0bn, compared with funding of $12.7bn between and ,599 6,183 6,843

6 Industry Performance The Child Care Services industry class largely mirrors the Australian population. By state, the largest proportion of the workforce is in NSW, where 50,000 employees are based. This is followed by Queensland, Victoria, Western Australia and South Australia. With the exception of Victoria and the ACT, the workforce in all other states has increased marginally from 2014 to The industry is characterised by a large number of smaller businesses, with 31.6% of all businesses having revenue of less than $50,000, while a further 27.1% have revenue between $50,000 and $200,000. Over the five years to , industry revenue is projected to grow at an annualised rate of 11.7%, to $10.6 billion. The key driver behind this growth is increased government expenditure in the childcare sector. Higher fees and enrolment numbers, driven by higher maternal workforce participation rates and higher disposable income, have also been a factor. The number of new establishments has grown by an estimated 7.5% annualised over the five years through However, further industry consolidation is expected over as new corporate entities enter the industry with a view to acquiring smaller players. Child Care Services Businesses in Operation (State, Number of Employees) Operating at the end of FY Non Employing 1-19 Employees Employees 200+ Employees Total no. no. no. no. no. New South Wales 1,723 1, ,733 Victoria ,816 Queensland 1, ,059 South Australia Western Australia Tasmania Northern Territory Australian Capital Territory Total 4,689 3,196 1, ,305 Child Care Services Businesses in Operation (State, Turnover) Zero to less than $50k Operating at the end of FY $50k to less than $200k $200k to less than $2m $2m or more Total no. no. no. no. no. New South Wales 1, , ,733 Victoria ,816 Queensland ,059 South Australia Western Australia Tasmania Northern Territory Australian Capital Territory Total 2,944 2,519 3, ,305

7 Industry Outlook An estimated 1.6 million children aged 12 and under will attend some form of government-approved or governmentfunded childcare service in The Child Care industry class is expected to continue growing steadily from to at an average rate of 6.1%, from $10.6bn to $14.3bn. The industry s performance will be affected by further increases to government expenditure and rebates, which are expected to increase by 18.5% through to as outlined in the 2015 Federal Budget. The introduction of the National Quality Framework (NQF), which has been gradually phased in since 2012 and sets national benchmarks for childcare, is also expected to impact the industry in coming years. Changes under the NQF include a higher staff-to-child ratio and increased qualification requirements for staff. The next five years are expected to contain a degree of consolidation in the industry, with the number of establishments growing by 14.2%, while the number of enterprises is predicted to grow by 3.1%, signalling that current operators will be likely to open additional establishments and purchase existing ones. Employment is also expected to grow relatively strongly at 15.2% to However, this will be coupled with wage costs rising at a higher rate of 30.0%, suggesting increasing costs for the industry which may impact profitability. Industry Data ( to ) Revenue ($m) Inductry Value Added ($m) Establishments Enterprises Employment Wages ($m) , , ,816 7,867 82,450 3, , , ,080 8,278 82,900 3, , , ,353 7,649 84,800 3, , , ,366 7,974 89,600 3, , , ,710 8, ,700 3, , , ,045 8, ,000 4, , , ,000 8, ,913 5, , , ,350 9, ,400 5, , , ,850 9, ,617 6, , , ,350 10, ,500 6, , , ,900 10, ,118 7, , , ,450 10, ,650 7, , , ,950 11, ,900 7, , , ,375 11, ,000 8, , , ,725 11, ,730 8,6750 Source: IBIS Child Care Services Industry Actual and Projected Revenue ( to ) $ Billion Actual Projected Source: IBIS

8 Based in part on Bankwest Economic Updates, Australian Bureau of Statistics data used pursuant to the Creative Commons Attribution 2.5 Australia license (available online at: and the following IBISWorld Industry Report Q8710 Child Care Services in Australia February π µ bankwest.com.au/business The information contained in this publication is of a general nature and is not intended to be nor should it be considered as professional advice. You should not act on the basis of anything contained in this publication without first obtaining specific professional advice. To the extent permitted by law, Bankwest, a division of Commonwealth Bank of Australia ABN AFSL/Australian credit licence , its related bodies corporate, employees and contractors accepts no liability or responsibility to any persons for any loss which may be incurred or suffered as a result of acting on or refraining from acting as a result of anything contained in this publication. BWA Child Care

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