Objectives: To examine the subjective wellbeing of Australian parents raising children and adolescents (0-18 years) during ‘stage three’ COVID-19 restrictions (April 2020), in comparison with subjective wellbeing in parents assessed over an 18-year period prior to the pandemic. We also aimed to examine socio-demographic and COVID-19 predictors of subjective wellbeing during the pandemic.Methods: Cross-sectional data were from: (1) the COVID-19 Pandemic Adjustment Survey (CPAS, N=2,365 parents of a child 0-18 years, 8-28th April, 2020); and, (2) a pre-pandemic database bringing together over 18-years of national data on subjective wellbeing (N=17,529 adults living with children, collected in annual surveys over 2002-2019). Results: Levels of subjective wellbeing during the pandemic were considerably lower than ratings prior to the pandemic (Personal Wellbeing Index, mean [SD]=65.3 [17.0]; compared to [SD]=75.8 [11.9], p