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Baby photography will always be in fashion. My wife loves babies (her daughter is in her teens, my son just graduated from college), and keeps hinting that we should do more baby photos, just so she can be around them. But I like interacting with my clients a bit more. Good on you for following your passion.
When I moved to Newcastle, I spoke with someone at a small photography school there, and he told me that shooting weddings in Australia was just brutal work, as they are all day affairs, and the competition is cutthroat. Equipment is also much more expensive. One of my friends offered me his $900 bicycle in exchange for a Canon strobe unit. Your wage structure is better (I think minimum wage in the US is around $7/hr), but it certainly takes more of a commitment when investing in equipment there.