Nutrition in toddlerhood plays a crucial role in growth and development, and can influence long-term health outcomes, such as obesity risk. The consumption of toddler milks (TM) in Australia has seen a sharp increase. TMs are ultra processed products which often contain added sugars such as maltodextrin. They have been shown to have lower protein, calcium, and sodium and higher energy and sugar when compared to full fat cow’s milk(1), which is one of the recommended drinks for children older than 12 months. Although the World Health Organization does not recommend TMs as part of a healthy diet(2), more than 30% of toddlers in Australia reportedly consume TM(3). In light of the public consultation into toddler milks aiming to regulate the composition of TMs in Australia and New Zealand (ANZ), an up-to-date audit of the TM market was required. This study aimed to assess the nutritional composition of TMs currently available on the retail market in ANZ and compare them to cow’s milk. An in-store and online audit of ANZ TMs was conducted between August 2025 and May 2026. Products were eligible for inclusion if they were labelled as for children aged between 1 to 5 years. All products were assessed and coded according to nutritional composition, premiumisation, organic, stage labelling, milk type and price based on images of the packaging. An online audit was also conducted to obtain all full fat fresh cow’s milk available for comparison. The nutrition information profile of each TM was assessed and compared to cow’s milk. Descriptive tests and between-group analysis were conducted. A total of 52 TM products were identified, most were labelled for 12-36 months, cow’s milk-based, non-organic, marketed as premium, over 3 times the price of cow’s milk per 100 ml, and contained added sugars. On average, TMs had 7.2 g of total sugar per 100 ml, which is equivalent to some sugar sweetened beverages on the market(4). TMs had less protein, sodium and calcium, and more energy, carbohydrates, and total sugars compared to cow’s milk. There were no nutritional differences between TMs marketed as premium (vs non-premium), organic (vs non-organic), Stage 3 (vs Stage 4), or between the highest two price points (3-4 times cow’s milk per 100 ml vs >4 times cow’s milk per 100 ml) (all p > 0.05). When compared to cow’s milk, TMs are significantly more expensive, and contain significantly higher amounts of energy, sugar, and lower amounts of protein, sodium, and calcium. A higher price of TM does not constitute an increase in nutritional benefit. Toddlers should only be given TM under specific advice from a healthcare professional.