Every child under 10 in New South Wales will be set up with an account containing $400 as part of an election promise the premier, Dominic Perrottet, said was the “most significant financial security investment” in the state’s history.
Perrottet announced the government’s $850m “signature election policy” at the Liberal campaign launch in Sydney’s west on Sunday, flanked by dozens of children on stage.
“This policy is a downpayment to secure the future dreams of our children,” Perrottet said.
“It will give generations to come the financial foundation for their entire life. By making small investments over time, we will be able to grow the wealth of our children so they can secure their financial future through education and housing.”
He also promised a returned Coalition government would invest a further $1.2bn to build and repair schools and would build a new selective school at Box Hill.
“The children of our state should have access to the best schools and the best education, no matter where they live,” Perrottet said.
Parents would be able to add up to $1000 into their child’s Kids Future Fund account every year, matched by up to $400 a child by the government annually.
Government modelling suggests children would then have access to between $28,000 and $49,000 when they turn 18 that can only be used on education including HECS debts or purchasing a property.
The fund will be available for children aged 10 and under in 2023 and then for every baby born in the state after then. If a child moves out of the state before turning 18, no further funds will be added but the money will still be made available to them once they come of age.
There are almost 1 million children aged 10 and under in NSW and about 100,000 babies are born in the state every year. The cost of the policy covers it for the next four years.
Labor has accused the government of unveiling a policy that will benefit wealthier families who will be able to invest $400 per year into the fund while it would be too much for others.
Opposition treasury spokesperson, Daniel Moohkey, said it did little to fix the problems in schools and housing availability and affordability immediately.
“At a time where interest rates are skyrocketing mortgages, families don’t have to spare money,” he said.
“It seems as though the families that need the help the most will benefit the least from this policy because they don’t have the money to put into this account.”
The premier made his re-election case to the party faithful at the Liverpool Catholic Club on Sunday.
Former Liberal prime minister, John Howard, was in attendance, unlike federal opposition leader, Peter Dutton, who skipped the event.
Perrottet said only a Liberal National government could be promised to “keep NSW moving forward” – a refrain repeated throughout the event.
“People are once again proud to say they come from NSW,” he said.
Event warmup act and state treasurer, Matt Kean, told the blue-clad crowd the opposition leader, Chris Minns, would be beholden to unions and the gaming lobby if elected into government.
“There is no greater threat to our state and its economy than Chris Minns,” he said.
Analysts are predicting a tight context on 25 March with political polls suggesting a Labor minority government a likely result.
