Juke is only three weeks old but he's joined a generation of children whose education costs could reach $1 million by the time they finish university.

While Juke's mother, Fran Poisson, is understandably focussed on the challenges of nappy changes, feeding and getting much-needed sleep, she was shocked by findings that parents who choose a "gold standard" in education for their children are looking at paying such an incredible bill.

Fran Poisson with her newborn baby Juke. Credit:Eddie Jim

“It’s too early to even think of whether going to a top private school is going to increase the chance of success for your child to achieve what they want in life," says the Yarraville first-time mother. "But you may be in a position where you have to start saving now to be able to meet some of those costs."

Analysis by Fairfax Media, which draws on data from hundreds of schools on the MySchool website, as well as estimates of tertiary costs in the federal budget, shows that with inflationary increases it could cost nearly $900,000 to provide childcare and education for a child born this year - if parents choose a top-priced preschool, the most elite private schools and a top university degree.