Grandparents are an important source of childcare worldwide, but international patterns vary. We examine how demographic characteristics of parents, and of grandparents, factor into grandparent care provision considering the cultural assumptions and policy settings Australian families live within. Using the Household Income and Labour Dynamics in Australia survey, we identify determinants of both the demand for and the supply of grandparent childcare in Australia (4266 grandparents and 9822 parents). Results suggest that grandmothers and mothers, as much or more than fathers and mothers, balance their reciprocal participation in employment and childcare. University‐educated grandmothers are more likely to provide regular childcare (at least once a week) and university‐educated mothers are more likely to draw upon it, inconsistent with research in other countries. It appears grandparents are stepping in as both “mother savers” and “system savers,” suggesting a need for more public policy support for Australian working mothers to capitalise on their increasingly high educational attainment. [ABSTRACT FROM AUTHOR]