During the Liberal Party’s campaign launch, Premier Dominic Perrottet promised to invest in the future of young people. If the coalition wins the upcoming election, they will create savings funds for housing and education that young people can use when they turn 18. Perrottet believes that this investment will be the most significant financial security measure in NSW’s history and will cost approximately $850 million over four years. At the launch, Perrottet announced a plan to give every child aged 10 and under in NSW in 2023, as well as every newborn who follows, a fund to start with $400. Parents and carers can add extra payments of up to $1,000, which the government will match up to $400 annually. If parents continue to pay the maximum amount, their child’s funds will have an estimated value of $49,000 by the time they turn 18. Perrottet hopes that giving young people financial security will allow them to pursue opportunities and avoid burdensome debts. The Premier also announced a $1.2 billion investment for public schools. Meanwhile, the Labor party promised to establish a $485 million Energy Relief Fund to help small businesses and households cope with rising electricity bills, and the Greens demanded that the proposed Narrabri Gas Project be scrapped.
Liberals in New South Wales plan to fund $400 future accounts for kids.
