Sunday, July 21, 2024

NSW Liberals unveil plans to give kids a stronger start


There’s a feeling every parent knows: the burst of optimism and hope when you first imagine the possibilities ahead for the little person you have brought into the world.

And as every parent knows, you’re quickly filled with a sense of urgency to do everything you can to make sure your child is prepared for the future.

These are uncertain, challenging times we live in, so parents across NSW have welcomed Premier Dominic Perrottet’s announcement that if re-elected, a Liberal Government will establish a Kids Future Fund – a fund for kids which will ensure future generations reach the age of 18 with up to $49,000 to invest in further education or their first home.

Announcing the Kids Future Fund, Mr Perrottet, father of seven said, “If we truly want to prepare our children for success in a global world where change and uncertainty are inevitable, they are relying on us to move on from the tired old cycle of short-term politics.

“As Premier, I want every family across our great state to have the opportunities, suppor and care we all want for our own families.”

Every single child born in NSW would qualify for the Kids Future Fund.

Here’s how it works:

  1. NSW Government opens your child’s account with $400
    Your NSW Government creates your child’s investment account with a $400 contribution soon after they come into the world. In the first year of the scheme, parents would also be able to create accounts for children aged 10 and under.
  2. Your contributions matched up to $400 every year
    Parents and grandparents can contribute up to $1000 into the accounts, and the NSW Government will match those contributions up to $400 every year.
  3. Your child’s investment grows with them over time
    Just like an adult super fund, your child’s Future Fund grows over time with returns on investment, ensuring they reach adulthood with a significant sum in savings.
  4. Your child reaches 18 and has a superb start in life
    When your child turns 18, they can withdraw from the fund to invest in their further education or use towards buying a home.
    Models suggest NSW children will have savings of between $28,000 and $49,000 when they turn 18 to help give them the very best start to their adult life.

In summary of his government’s much-welcomed initiative, Mr Perrottet said, “The Liberals are helping a new generation to build the foundations of financial security so they are ready for success in the NSW of tomorrow.”

Authorised by Chris Stone, Liberal Party of Australia, NSW Division, Level 2, 131 Macquarie Street, Sydney NSW 2000.

Authorised by Chris Stone, Liberal Party of Australia, NSW Division, Level 2, 131 Macquarie Street, Sydney NSW 2000.

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