How children in New South Wales could soon have an account filled up by the government to help them pay a deposit on a house years later – here’s how it will work
- Dominic Perrottet made a key election promise
- Children will receive money to invest in a house
Prime Minister Dominic Perrottet has used a Liberal Party campaign pitch to promise a big investment in the future of young people to help them buy a house.
If the Coalition wins the March 25 election, Perrottet said the party would create a savings fund for all young people to spend on housing and education when they turn 18.
Perrottet called it the largest financial security investment in New South Wales history, saying it would cost the government around $850 million.
‘This investment will change the lives of millions of children across our state… This is a down payment to secure our children’s future dreams,’ he said.
He was joined by Liberal Party loyalists and key candidates in Sydney’s southwestern suburbs for the party’s official campaign launch on Sunday.
Prime Minister Dominic Perrottet has used a Liberal Party campaign pitch to promise a big investment in the future of young people to help them buy a house.
If he wins the next election, the Coalition will create savings funds for all young people to spend on housing and education when they turn 18.
Under a coalition government, all children currently aged 10 and under in 2023 in New South Wales, and all newborns thereafter, will receive a fund with an initial investment of $400, the father of seven announced .
Parents and caregivers can make extra payments of up to $1,000 into accounts that the government will match up to $400 a year, resulting in savings of between $28,000 and $49,000, depending on how the extra savings are added.
Claiming to be the underdog in the poll, the Prime Minister said it was his party’s responsible financial and economic management that would “keep NSW moving forward”.
“I know that all single parents here today and across the state share one thing in common and that is that from the moment our children are born we care about them and we would do anything to ensure they have a better chance than we do.” he said.
Mr. Perrottet also announced an additional $1.2 billion investment in public schools, creating a $19 billion pipeline for new and improved schools.
The country’s tallest Liberal, Peter Dutton, was notably absent from Sunday’s launch, but former Prime Minister John Howard, 83, attended and received a rousing standing ovation from the crowd.
Under a coalition government, all children currently aged 10 and under in 2023 in New South Wales, and all newborns thereafter, will receive a fund with an initial investment of $400, the father of seven announced .
Labor announced a plan on Sunday to ease the cost of rising electricity bills for small businesses and NSW families and households under a proposed $485m Energy Relief Fund.
Under the scheme, eligible NSW small businesses will receive $315 off their energy bill and, when matched with funds from the Commonwealth government rebate scheme, around 320,000 small businesses will get $630 off their bills.
The fund would also mean that NSW households affected by increases in energy prices would receive a $250 discount on their energy bill and, when combined with $250 from the Commonwealth Energy Bill Relief Fund , about 1.6 million eligible households will get a $500 discount on their bills.
Recent polls suggest that NSW Labor is poised to return to power for the first time since 2011.
The Resolve Political Monitor indicated a seven per cent shift to Labour, giving the party the 47 seats needed for a majority government.
