Analysis by indicates the scheme will capture as many 1.7 million children by 2030, costing up to $710 million a year.
woes dominate, the Coalition has attempted to woo aspirational voters with a pledge to ease housing and educational hurdles for young adults.
The government estimates that accounts that received matching annual contributions of $400 would be valued at $28,500 by the time the child turned 18. For families contributing the full $1000 a year, the balance at 18 years would be worth $49,000. “I think a lot of families that may have three children would be thinking to themselves this morning. I don’t have a spare $3,000 to invest in a fund that can be accessed in 20 years. I need help today,” Mr Minns said.
Michael Buckland, who heads the Labor-leaning McKell Institute, pointed out that for the cost of the scheme at $850 million over four years, the government could fund schools in the state up to the schooling resource standard, which indicates a standard set by the Gonski inquiry into schools.“It’s not a good idea. How anyone could consider this a budget priority right now is anyone’s guess. And no one can explain the public policy question we’re trying to solve,” he said.
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