Premier Dominic Perrottet has used a Liberal Party campaign launch to promise a major investment in the future of young people.
If it wins the next election, the coalition will create savings funds for young people to spend exclusively on housing and education when they turn 18.Perrottet called it the most significant financial security investment in NSW history, tipped to cost the government around $850 million (US$560 million) over a four year term.
The father of seven was joined by Liberal party faithful and key candidates in Sydney’s southwestern suburbs for the party’s official campaign launch on Sunday.
Under a coalition government, every child aged 10 and under in 2023 in NSW, and every newborn thereafter, will receive a fund with a starting investment of $400.
Parents and carers can make additional payments of up to $1,000 into the accounts, which the government will match to the tune of up to $400 a year.
If parents pay $400 a year extra, the funds will be worth $28,000 by the time a child turns 18, and if they pay the maximum $1,000 a year top up, the funds could be sitting at an estimated $49,000.
“Right now ... we burden our children with HECS and housing debt before they even start. I say we must pass on to our kids the gift of opportunity,” Perrottet said.
Claiming to be the underdog in the March 25 election, the premier said his party’s responsible financial and economic management would “keep NSW moving forward.”
Perrottet also announced a further $1.2 billion Investment in public schools, creating a $19 billion pipeline for new and upgraded schools.
Former Liberal prime minister, John Howard, 83, attended in support and received an enthusiastic standing ovation from the crowd.
The Liberal Party’s NSW Kids Future Fund which it will take to the election as a key policy, is similar to a 20-year-old scrapped plan by federal Labor to create $3,000 funds for newborn children.
Opposition treasury spokesman, Daniel Mookhey accused the premier of being out of touch and hanging the future of young people on him being re-elected.
“At a time when interest rates are skyrocketing, mortages are exploding, families don’t have the spare money lying around to put into Perrottet’s bank account,” Mookhey said.
“It seems as though the families that need the help the most will benefit the least from this policy.”
Labor on Sunday announced a plan to ease the cost of rising electricity bills for small businesses and NSW families and households under a proposed $485 million Energy Relief Fund.
Under the plan eligible NSW small businesses will receive $315 off their energy bill and when matched by funding from the Commonwealth government’s rebate scheme around 320,000 small businesses will get $630 off their bills.
The fund would also mean NSW households hit hard by energy price rises would receive $250 off their energy bill and when matched with $250 from the Commonwealth’s Energy Bill Relief Fund, around 1.6 million eligible households will get $500 off their bills.
“Labor’s plan gets the balance right between short term, targeted relief and long term reform to fix the energy crisis. And under Labor there will be no more privatisation,” Labor leader Chris Minns said.
The Greens on Saturday outlined their demands if Labor needed their support to form government.
Federal Greens leader Adam Bandt threw his weight behind pressure on the major parties to scrap the proposed Narrabri Gas Project and related pipeline through the Hunter.
The project is on track to be completed in 2026 and is projected to eventually supply half of NSW’s gas.
