NSW kids eligible for $49,000 nest egg under Liberal policy explained

Here is what we know about the policy promising children thousands of dollars to start adulthood with.

Every child aged 10 and under and newborn children will be given an individual NSW kids’ future fund account starting this year.

The fund would have an initial contribution from the government of $400.

Then parents and carers can make contributions each year as well.

For every contribution by a parent or carer, the government will match it with $400.

Perrottet said the government-matched contributions would mean children’s accounts would grow to $28,000 by the time they’re 18.

And if parents and carers add money to the account this could reach $49,000.

“We will make the most significant financial security investment in our state’s history,” he said.

Why has the government proposed it?

Perrottet said the fund would go towards two things: housing and education.

“This account will help set our kids up for life by giving them a headstart on the two most important things they need to secure their future.

“Buying a home and acquiring the skills and education they need to succeed in a globally competitive and changing world.”

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So when a child turns 18 they can access the fund to pay for the cost of university or tertiary education.

It can also go towards putting a deposit on their first home.

It sounds like a lot of money and could blow a hole in the budget when you consider providing thousands of dollars to the millions of kids in the state.

But Perrottet claims it will repay itself in financially stable and educated children.

“It will give a new generation the financial foundation to secure their future,” he said.

“As they go on to invest in education and housing they will repay our investment many times over.”

The policy is totally dependent on whether the Liberal Party wins the state election on March 25.

It’s one of the party’s flagship policies and Perrottet says it would be a powerful headstart for the state’s children.

“This investment will change the lives of millions of children across our state forever,” he said.

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

NSW residents will head to the polls on Saturday, March 25 to vote and decide on the next state government.