The NSW Government has announced a new “Future Fund” program as a state election looms.
Announced on Sunday, the plan would see children under the age of 10 be eligible to have an account opened for them which the NSW government would deposit 400 dollars into.
After that the State Government would match contributions made by parents of up to $400 annually.
Costing about $850 million, the policy means a child born today could end up with $28,000 by the time they turn 18 – or as much as $49,000 with annual contributions of up to $1000 from parents.
Labor says the policy is an admission the government doesn’t have a plan to tackle the cost of living crisis, the underinvestment in schools, or problems in the health system.
The policy comes just two weeks out from the NSW state election, which will be held on March 25th.