Remember when the Treasurer tried to spice things up in Australian bedrooms? The year was 2004, and Peter Costello had been reading projections of what the country would look like in 40 years when he realised he had a big problem. The proportion of people aged 85 and above was on track to triple and young couples were not having enough babies to support the rapidly ageing population. A practical man, Costello decided he’d do something to inflame Australians’ passions. He announced his $3000 baby bonus with the now-infamous advice that couples have “one for the husband, one for the wife and one for the country”, and miraculously his mass seduction worked.
Two years later, Costello was prouder than a new father handing out cigars when he declared couples had “taken up the challenge” and produced the highest number of newborns in 13 years. People were feeling confident about the future, he said, and that was good for the country.
But it was just a blip. Today, the nation’s fertility rate is even lower than it was in 2004 and many young people say starting a family is not a priority. Fewer than half of millennials and Gen Zs questioned for Deloitte’s global survey are focused on kids, ranking parenthood behind buying a home and having a positive impact on society. They fear they lack the financial security to support a family and are palpably anxious about climate change. Another factor in their family planning, say 39 per cent of millennials and
