AbstractBackgroundAdvances in clinical cancer care have increased the number of survivors, which has impacted informal caregiving. This study estimates the annual opportunity cost of informal cancer care and quantifies the gap in the quality adjusted life expectancy (QALE).MethodInformal cancer carers by sex and two age groups (15–64 years old and 65 years old and over) from the Australian Bureau of Statistics (ABS), Survey of Disability, Ageing and Carers (SDAC) from 2003 to 2022 were used to estimate the annual opportunity costs of informal cancer care in 2022 and predict future costs. Costs were based on an hourly wage rate, and the QALE were calculated by combining health‐related quality of life (HRQOL) with life expectancy.ResultsIn 2022, there were 59,100 informal cancer carers (61% female, 61% were above 65 years). The average time for informal cancer care was 28.6 hours per week. The average informal care cost was $60,853 per carer, and the cost is estimated to rise by 11% in 2025 and 30% in 2028. The QALE loss ranges from 1.8 to 5.4 months per year of caring, depending on age group and sex.ConclusionThe time spent caring for people living with cancer by informal carers is significant. Recognizing and rigorously investigating the role of informal cancer carers in reducing the burden on the formal care sector and improving the quality of life of people living with cancer is essential to understanding the impact and significance of caring, which will facilitate impactful policy changes.