This article uses an ethical audit framework proposed by Cribb and Ball to critically analyze the possible implications of the rapid growth of corporatized childcare in Australia. In particular, it seeks to examine how corporatization affects childcare service provision and whether it conflicts with other social goals. Noting the paucity of systematic evidence currently available concerning the impact of corporatization, the article identifies a research agenda with scope to inform policy decisions about whether support for continued expansion of corporatized childcare is ethically justifiable. (Contains 1 table and 1 note.)