With CommSec (and I assume other brokers) you can setup a trust...

With CommSec (and I assume other brokers) you can setup a trust in your child’s name allowing you to effectively purchase shares in their name that can be transferred to them when they are an adult.  Better than keeping all that birthday money in the bank, and the best part it can be accessed whenever needed to fund purchases and teach good money habits.  Depending on your situation it may have some tax implications as earnings will have to be declared on either your or your partners tax return.