It costs nearly $37,000 a year to raise two children in Australia, research shows

The cost of raising two children in Australia has risen to at least $36,500 a year, an increase of 134% in two decades. Photograph: Bianca de Marchi/AAP

The cost for Australian families of raising two or more children has risen to at least $36,500 a year, according to new research, with the money needed to run a family home increasing by 134% in two decades.

Data released by advocacy group The Parenthood on Wednesday shows household income has only grown by 102% in the same period, with childcare costs making up 33% of the total cost of having children today. In 2003, the figure was 27%, according to the analysis by firm Connell Griffin.