NSW election 2023: All NSW kids to get future trust fund in major Coalition election promise

The NSW Premier has been forced to defend his “game changing” plan to gift every child in NSW a “future fund”.

The NSW Premier has been grilled over his plan to give every child a “future fund” that could grow to thousands of dollars, with the opposition calling it “middle class welfare”.

NSW Premier Dominic Perrottet on Monday launched the Liberal’s new plan to give every NSW child under 10 a future fund account, dubbed a “gift of opportunity” to future generations.

Parents and guardians can choose whether they want to create an account on behalf of their kids that they can only access once they turn 18.

The funds are only able to be used for housing and education purposes, like purchasing a property, HECS debt, paying for university textbooks, or a laptop for study.

Mr Perrottet was introduced by his wife, Helen, at the Liberal launch. Picture: NewsWire/ Monique Harmer

The government would give each child an initial $400 in their account, with parents also able to contribute to the account with a maximum annual cap of $1000. The state will also match contributions made by family of up to $400 a year.

Mr Perrottet was questioned on Monday night as to whether the scheme was equitable considering that some parents may choose to put more money into their children’s account than others, with the Premier arguing that “every child in our state will be better off”.

“This will benefit every single child across NSW,” he told 10’s The Project.

“If there was a family on Family Tax benefits, which is around the bit over 300,000 families across NSW, we will automatically make an annual $200 contribution into the account without a co-contribution from the family.

“We don’t do enough to help our children deal with the cost of education and housing, so this is a this is a game changing policy.”

At the announcement, Mr Perrottet said the future fund could grow up to $49,000 by the time the child turns 18 and claimed it could reach up to $28,000 through maximum government contributions plus compound interest.

“This policy is a down payment to secure the future dreams of our children,” he said.

Criticism of the proposed policy includes that the state will hold onto money contributed by the child’s parents if they do not want to put it toward education or buying a home.

Mr Perrottet defended the scheme, saying it was about “aspiration”.

“It can only be used for education, training, text, tuition, and that support as well as housing. That‘s what we’ve restricted it to.

The Premier said the scheme would utilise Service NSW to ensure that the money went toward education and housing.

“So once the child is 18, or they can use their fund to pay their HECS, to pay for textbooks, tuition, retraining ... And also, and also to get them a leg up into the housing market,” he said.

The Premier delivered his policy flanked by around three dozen children. Picture: NewsWire/ Monique Harmer

Policy from ‘bottom of the drawer’

Shadow treasurer Daniel Mookhey said the policy ignored the current cost-of-living issues experiences by most households.

He described it as a “policy that the Premier has grabbed from the bottom of the drawer on the eve of the election without having done his homework”.

“Labor’s priorities is to put every spare dollar towards fixing the crisis in our schools and in our hospitals,” 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 NSW Premier announced the future fund account at the Liberal Party campaign launch on Sunday. Picture: NewsWire/ Monique Harmer

Before Mr Perrottet made his entrance, the crowd was blasted with a deafening mix of AC/DC’s Thunderstruck, followed Katy Perry’s Roar.

The song choice appeared to be a targeted dig at Opposition Leader Chris Minns, who chose the tune to play live on air with Kyle and Jackie O earlier this week.

While his rendition got him an enthusiastic tick of approval from the duo, Mr Minns’ name received hisses, boos and out cries of “shame” on Sunday.

In attendance was former prime minister John Howard, NSW Deputy Premier Paul Toole and the Premier’s wife Helen Perrottet and children.

Former Liberal prime minister John Howard was in attendance. Picture: NewsWire/ Monique Harmer

Treasurer’s brutal sledge to Labor leader

Delivering the first speech, NSW Treasurer Matt Kean blasted the Labor leader for the party’s relationship with the unions, policies around cancelling Sydney metro projects and corrupt former Labor MP Eddie Obeid.

“There’s a reason why every time he granted a ballot for the leadership of the Labour Party membership and his closest colleagues chose someone else,” he said.

The launch took place in the key electorate of Holsworthy, which sits on a slim 0.6 per cent margin.

It will be contested by Liberal candidate Tina Ayyad, Mick Maroney (Labor), Chris Kerle (The Greens), James Ingarfill (One Nation) and independent Deborah Swinbourn.

Ms Perrottet also gave a speech about her husband, describing him as a “dedicated” father and “a big ideas man”.

“He is the man who for the last decade has sat up through the night with seven babies. Not all at once but sometimes in more than one,” she said.

“Today, there is a lot of attention on the achievement of this great government but my proudest moments over the last decade haven’t been the big projects.

“It’s been the countless ways that I’ve seen Dom fight for people in NSW who don’t have a voice.”

On Monday, Today host Karl Stefanovic also made a jab at how the Premier delivered the promise at the launch.

Mr Perrottet was joined by three dozen children on stage when he announced the policy. The Premier’s seven children also attended the event and joined him on stage after his speech.

“You have 26 kids. How will you afford this every year?” Stefanovic joked.

In response Mr Perrottet said: “They weren’t all mine behind the stage yesterday, Karl.”