Perrottet’s future fund for children risks increasing poverty divide, social advocates say

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Perrottet’s future fund for children risks increasing poverty divide, social advocates say
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Benefit will depend on how much parents can afford to contribute, with wealthier families getting ‘an extra leg up’, critics say

“This is a down payment to secure the future dreams of our children,” he told party faithful at the Liberal campaign launch on Sunday, two weeks out from the state election.Joanna Quilty said the impact on individuals of the $850m scheme would depend on the means of each family.

“We would strongly advise the NSW Coalition to consult widely on this policy to ensure it doesn’t further entrench social inequality.” Chief executive of the Community Housing Industry Association, Mark Degotardi, said it failed to deal with thwith at least eight years until any child would be helped.

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‘Desperate last grab’: Perrottet’s nest egg policy slammed ahead of state electionDominic Perrottet’s announced nest egg policy is a “desperate last grab” from a “desperate, dying government” ahead of the NSW state election, says City of Sydney’s Labor Councillor Linda Scott. Her comments come after the NSW Premier announced on Sunday a “future fund” for children under 10 if the Liberals win the upcoming state election. “It won’t benefit a single person for eight years and actually people need help with their cost of living right now,” Ms Scott told Sky News host Paul Murray. “The second reason it’s a bad policy is because the increases that they spoke about where your child might be able to get up to $28,000 – that was the minimum amount they spoke on – that’s modelled on a 7 per cent annual interest rate. “Something the government themselves had not been able to achieve for at least the last two years with their own investments. “And when you take the money out, there’s likely to be a chunk of tax you’d have to pay on it which will wipe out all the benefits.”
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