A ground breaking system that allows Australian families to clearly and simply work out their childcare entitlements from the Australian Government, will be unveiled at global business technology event CeBIT next month 5-7 May at Sydney Olympic Park.
‘The Real Cost of Childcare’, a software program currently being developed by NSW StartUp Entitlemate, will – once complete, show parents, in simple terms, what they’re eligible for when it comes to the costs involved with sending their children to childcare.
Founders Brendan Ryan, an ex-Macquarie financial services advisor with over 20 years experience, and Brett Raven, a software architect with 25 years’ experience, have together come up with this solution that could be the answer to many parents’ prayers – making the actual out of pocket expense for childcare transparent.
“With the government’s allocation of $5 billion to childcare, the cost of childcare still remains high; but the out-of-pocket expense may not be, if families knew what they’re entitled to,” says Mr Ryan.
In Australia, 1.3 million children are currently in some form of childcare; which roughly equates to 890,000 families. Today, many parents face the dilemma of deciding whether or not it is financially viable to return to work fulltime, part-time or even at all when considering the costs for childcare.
“For most Australians, household budget decisions are based on a careful look at where money goes, and where money comes from. Up until now, Australians have been making decisions without all the information.
"The information is out there - in fact, the information is written as law and can be found in complex legislation, tables and formulas – too involved and too laborious a task for the average person to sift through. This is where we’re sure our technology can be used to solve this complexity,” explained Mr Ryan.
The Real Cost of Childcare, still in its infancy, has a multifaceted backend system that in its most simplistic form, reviews a family’s current situation, cross checks it against the government’s comprehensive parameters to provide a result.
“The process is incredibly straight forward. We’ve done all the hard work to convert the government’s rules and parameters, into code. It’s essentially data in, with results out – highlighting exactly what each user is entitled to.
“We want Australians to be able to take control of the system. We think families should be able to make decisions and feel confident that they’ve taken all factors into account. The recent Productivity Commission report provides fascinating detail around the final financial impact of family decisions around childcare. We want to bring our expertise to the family table, by solving the complexity in the background and delivering a leading user experience,” said Mr Raven.
It’s the goal of parent company Entitlemate - to provide independent advice to solve issues and provide clarity when it comes to entitlements through the use of technology.
“We’re also working towards using this technology to provide clarity on the real cost of aged care too, as the recent government changes have made this complex system even harder for the families to understand,” said Mr Ryan.
Harvey Stockbridge, Managing Director of Hannover Fairs Australia – owner of CeBIT Australia, said that concepts like The Real Cost of Childcare by Entitlemate is just one of the many innovative StartUps exhibiting at CeBIT’s StartUp area this year.
“We believe that CeBIT provides the perfect platform for Australian technology pioneers to get the kick-start they need to become a part of everyday life, saving Australians money and time.
“CeBIT Startup offers commercial innovators and tech entrepreneurs an extraordinary opportunity to connect with business, investors and government,” said Mr Stockbridge.
“Our hope is to have The Real Cost of Childcare become an everyday tool for families, available as an additional resource to that of Centrelink, and utilised as value-add service for leading financial advisors, accountants and childcare sites across Australia,” said Mr Ryan.
The Real Cost of Childcare/Entitlemate will be at CeBIT on 5-7 May at Sydney Olympic Park. For more information visit www.cebit.com.au
