Month: March 2023

Every child in NSW will gain a financial head-start under a life-changing Liberal and Nationals plan to futureproof the finances of generations to come, giving them the best start to life.

This is the most significant financial security investment in NSW history.

Under a re-elected Liberal and Nationals Government, every child in NSW aged 10 and under in 2023 – and continuing each year with every newborn child – will be eligible for a Kids Future Fund account, which will receive a $400 starting payment from the Government. 

Parents will be able to contribute to the fund each year, with payments matched by the Government up to $400 per year, with interest also earned over time.

Once the child turns 18 they will be able to withdraw from their fund – which could be worth between $28,000 and $49,000 per child – for either education and housing so they can begin to secure their own financial future.

Premier Dominic Perrottet said this landmark initiative is the first of its kind in Australia and will help provide financial security to an entire generation.

“This investment will change the lives of millions of children in NSW forever, Mr Perrottet. 

“It will give generations to come the financial foundation for their entire life.

“By making small investments over time, we will be able to grow the wealth of our children so they can secure their financial future through education and housing.”

Deputy Premier and Minister for Regional NSW Paul Toole said the NSW Liberal and Nationals Government recognised parents and carers worked hard to do their best by their kids and set them up for the future.

“This is a way for families and Government to work together to invest in the next generation – from their first steps to their first home and first career,” Mr Toole said.

“As a Government, we’re not just tackling cost of living pressures now, we’re creating better opportunities for tomorrow.”

Treasurer Matt Kean said the Kids Future Fund was an investment in the dreams and aspirations of the children of the State.

“We know that long term financial security starts by saving early and letting compound interest work its magic,” Mr Kean said.

“It shouldn’t matter who your parents are or where you live – every child across NSW should have the financial security to pursue their own ambitions, contribute to their community and build a better life for themselves and their loved ones.

“Just as superannuation gave a generation the means to end their careers with dignity, the Kids Future Fund will give the next generation the financial platform to embark on their careers with confidence.”

The Kids Future Fund:

·       Each fund will receive an initial $400 contribution provided by the Government when it is created.
·       Each year, the child’s parents will be able to contribute up to $1,000 per year to the fund. The Government will match these contributions up to $400 per year until the child turns 18.  
·       If parents make a contribution of $400 each year, alongside the Government’s co-contribution, the fund is expected to be around $28,500 by the time the child turns 18. 
·       If parents contribute the maximum amount of $1,000 per year, the fund is expected to be around $49,000.
·       For families receiving Commonwealth Family Tax Benefit A, the Government will automatically contribute $200 a year to the child’s account without requiring a matched contribution from parents. 
·       If the parents also contribute $200 each year, the Government will match this with an additional $200.
·       Contributions can be made to the fund after the child turns 18, however the Government will not provide any further matched contributions. 
·       When the child turns 18 they will be able to draw down on the fund for only two purposes:

• Housing – e.g. a contribution towards purchasing a residential property
• Education – e.g. textbooks and other learning materials, laptops, private tuition fees, micro-credentials, tools required for getting a qualification

·       The fund will be open for children aged up to 10 years old (in the 2023 calendar year). From 2024, new accounts will only be created for newborns.
·       There are around 974,000 babies and children aged up to 10 years old in NSW in 2023.
·       There are around 100,000 babies born in NSW each year.

Grandparents will have the opportunity to help secure the future of their grandkids as part of a re-elected Liberal and Nationals plan to futureproof the finances of a whole generation through Kids Future Fund accounts.

Premier Dominic Perrottet said this would give grandparents the opportunity to give their grandkids a headstart in life.

“We know that grandparents want the best for their grandchildren, which is why we’re giving them the opportunity to help set their grandkids up financially for the future,” Mr Perrottet said.

“Through the Kids Future Fund, grandparents will be able to partner with parents to make contributions to their children’s future and help change the lives of the next generation of kids across NSW.

“For some kids in NSW, there could be up to six adults contributing to their fund, making small investments over time to grow their wealth and help secure their financial future.”

Deputy Premier and Minister for Regional NSW Paul Toole said even a small contribution could help grandparents build a sizeable nest egg for their grandkids over time.

“Nothing brings greater joy to a grandparent than seeing their grandkids grow up and knowing they’ve got what they need. Any money they chip in to their grandkids’ Future Fund will grow right along with them, setting them up for the future,” Mr Toole said.

“Plenty of us remember getting cash inside a birthday card from gran or pop. Getting a nest egg that could help set you up to buy your first home or train for your first job is a gift with lasting impact.”

Treasurer Matt Kean said enabling grandparents to contribute to the Kids Future Fund would help bolster their grandchild’s wealth and help them on the path to financial security.

“A small cash birthday or Christmas present placed in the fund would deliver big dividends down the track,” Mr Kean said.

“This initiative will help build financial security for a whole new generation.”

As part of the Kids Future Fund, parents and grandparents together will be able to contribute up to $1,000 annually to each fund.

The Kids Future Fund:

• Each account will receive an initial $400 contribution provided by the Government when it is created.
• Each year, the child’s parents (or grandparents) will be able to contribute up to $1,000 per year to the account. The Government will match these contributions up to $400 per year until the child turns 18.
• If parents (or grandparents) make a contribution of $400 each year, alongside the Government’s co-contribution, the fund is expected to be around $28,500 by the time the child turns 18.
• If parents (or grandparents) contribute the maximum amount of $1,000 per year, the fund is expected to be around $49,000.
• For families receiving Commonwealth Family Tax Benefit A, the Government will automatically contribute $200 a year to the child’s account without requiring a matched contribution from parents (or grandparents).
• If the parents (or grandparents) also contribute $200 each year, the Government will match this with an additional $200.
• Contributions can be made to the fund after the child turns 18, however the Government will not provide any further matched contributions.
• When the child turns 18 they will be able to draw down on the fund for only two purposes:
  • Housing – e.g. a contribution towards purchasing a residential property
  • Education – e.g. textbooks and other learning materials, laptops, private tuition fees, micro-credentials, tools required for getting a qualification
• The fund will be open for children aged up to 10 years old (in the 2023 calendar year). From 2024, new accounts will only be created for newborns.
• There are around 974,000 babies and children aged up to 10 years old in NSW in 2023.
• There are around 100,000 babies born in NSW each year.

School students in NSW will be given the opportunity to fine tune their financial literacy skills and learn about ways to secure their own future, including through initiatives like the new Kids Future Fund account, under a plan from the NSW Liberal and Nationals Government.

Under this Liberal and Nationals plan:

• The NSW Treasurer’s Financial Literacy Challenge, launched in 2022 for students from Kindergarten to Year 10, will be expanded to include Years 11 and 12 students under a new partnership with Chartered Accountants Australia and New Zealand. 
• Content for Kindergarten to Year 10 students will also be updated to ensure students understand, and are able to make the most of, financial initiatives such as the new Kids Future Fund account. 

Premier Dominic Perrottet said that boosting financial literacy skills of students would help give them a head start in securing their own financial security. 

“Students in Years 11 and 12 often have casual or part-time jobs, and are considering their next steps after school whether that be university, vocational education and training, or work,” Mr Perrottet said.  

“This initiative will ensure students in all year groups can get crucial knowledge about managing their money, including taxes and super, emerging technology, and financial cyber security.

“We will ensure students have access to vital skills so they can futureproof their finances and give them a head start in life.

“This is all about empowering our children with the knowledge they need to set themselves up financially and ensuring they’re able to make the most of initiatives like the new Kids Future Fund, so they can make informed financial decisions based on their own circumstances.”

Treasurer Matt Kean welcomed the new partners and the increased focus on job-ready skills the expanded Challenge would deliver.

“This expansion will be targeted at older students who are our future entrepreneurs, innovators and industry leaders,” Mr Kean said.

“The Challenge provides students with the skills they can use when they enter the workforce and throughout their life as they make important financial decisions.”

Minister for Education and Early Learning Sarah Mitchell said the Challenge activities would complement the existing financial literacy learning that senior students do in the classroom.  

“The activities in the expanded Treasurer’s Financial Literacy Challenge will be aligned to the NSW curriculum and provide students with a chance to dive deeper and gain more industry-approved knowledge,” Ms Mitchell said. 

“The current Challenge has already proven a success, with more than 14,000 students across the State registered in 2022, so we know this expansion will be warmly received by senior students.” 

The Challenge will remain online, self-paced, and voluntary. Students will be issued with a certificate when they have completed the Challenge. 

The expanded Challenge would be available for the 2024 school year.  

Plans to transform and expand the Sydney Jewish Museum will become a reality through a $10 million investment by a re-elected NSW Liberal Government.

Liberal candidates for Vaucluse, Coogee and Davidson welcome this investment that will support the Sydney Jewish Museum with an additional $6.5 million to create two centres in one precinct – a Sydney Holocaust Museum to share the history and testimonies of survivors and a Centre for Contemporary Jewish Life to share the community’s culture, traditions and contributions to Australia.

Liberal Candidate for Vaucluse Kellie Sloane said the Sydney Jewish Museum plays an incredibly vital role in helping bridge gaps and foster mutual respect and understanding between all people.

“Education and storytelling are key to building tolerance and understanding. This is so important for encouraging harmony for all people in our community,” Ms Sloane said.

Liberal candidate for Coogee, Dr Kylie von Muenster, said the Sydney Jewish Museum has provided a voice for Jewish heritage in Sydney.

“This continued support by the Perrottet Liberal Government will elevate the experience for those who visit the museum by enhancing the platform to share in the Jewish community’s culture and contribution to Australia.” Dr von Muenster said.

Liberal candidate for Davidson, Matt Cross, said this is an investment that will benefit generations to come in better understanding Jewish heritage and will pave the way forward with state-of the art facilities.

“This is a great investment for not only the Jewish community but for the wider community who will now be able to learn and understand more to foster greater respect for all people.”

NSW Premier Dominic Perrottet said the commitment is part of the Government’s long-term plan for a united and harmonious multicultural and multi-faith society.

“Once completed, our investment will be returned significantly through helping current and future generations lead our state forward in eliminating racism, hatred and faith-based intolerance,” Mr Perrottet said.

NSW Treasurer Matt Kean said the NSW Liberal and Nationals Government was committed to honouring the memories of the six million Jews who were murdered in the Holocaust, while also promoting and celebrating Australian Jewish culture.

“The Sydney Jewish Museum gives a voice to victims of the Holocaust and to the incredible survivors who still guide visitors through the exhibitions and help educate and inspire thousands of school children each year,” Mr Kean said.

“The museum is crucial to ensuring that the atrocities of the Holocaust are never repeated and that racism and hatred have no place in Australia or anywhere else.”

The $6.5 million commitment will add to the $3.5 million already invested by the NSW Liberal and Nationals Government in the project.

Minister for Multiculturalism Mark Coure said the NSW Liberals and Nationals are proud to partner with the Jewish community to strengthen the state’s multicultural and multi-faith society.

“The Sydney Jewish Museum stands to ensure that, as a society, we learn and remember the terrible lessons of the Holocaust. This investment continues this important work, while also providing new spaces to better tell the stories of Jewish-Australians,” Mr Coure said.

President of the Sydney Jewish Museum Greg Shand said the recent upsurge in anti-Semitism only serves to highlight the importance of the Museum seeking to double its impact by doubling the number that visit annually.

“The support of the Government, for which the Museum is enormously grateful, will contribute in a material way to creating a larger, state-of-the-art facility, and will greatly assist the Museum in achieving this objective,” Mr Shand said.

NSW Jewish Board of Deputies CEO Darren Bark said as Holocaust survivors dwindle, keeping their stories alive and educating future generations about the horrors of the past has never been more important.

“Today’s announcement will help the Sydney Jewish Museum open its doors to twice as many Australians, particularly school students, showing them where racism, hate speech and intolerance can ultimately lead,” Mr Bark said.

“We thank the NSW Government for its commitment to stamping out anti-Semitism and discrimination and ensuring that the worst atrocities in our history are not forgotten, and never repeated.”

The support for the Sydney Jewish Museum comes as a proposed partnership between the Department of Education and the newly formed Religious Communities Advisory Council is progressed to recommend best-practice teaching of the Holocaust in all NSW schools.

Netball NSW has today published its Strategic Plan for 2023 to 2025, which provides a clear pathway to ensure that netball is the State’s leading sport of choice and opportunity.

Netball has proudly been the leading high-performance and community sport for NSW women and girls for over nine decades and the clear message in the new Strategic Plan is that the game plans to retain its number 1 position in women’s sport, whilst ensuring it is adapting and evolving to welcome a more expansive participation base and audience.

“It is our vision to make netball the leading sport of choice and opportunity across the State,” Netball NSW CEO Tracey Scott says.

“This means continuing to be leaders in women’s sport, focusing on innovation and inclusivity in terms of how we deliver the game and prioritising supporting our incredible volunteer community.

“We are excited for the next evolution of netball in NSW as we look to ensure our game continues to grow and thrive.    

“When you look at our market-leading grassroots numbers, and the success of the Australian Diamonds on the world stage, coupled with the NSW Swifts and GIANTS Netball on the national front, the game is really the premier sport of choice across the State.

“We are already in every community, in every region from Albury in the south to Tweed Heads in the north.   

“Over 20 million play netball worldwide and we have 20 of the world’s best in the NSW Swifts and GIANTS Netball – that is the calibre of athlete our game is producing year in and year out.”

With a meaningful commitment to capacity building, inclusivity and growth, a key strategic focus in the plan is to facilitate compelling opportunities to empower everyone in the community to nurture their love of the game. 

“Netball gave women an equal voice and opportunity when they had no other avenues to pursue and we will always remain proud of this heritage. However, that has led to a perception at times that netball is a female-only sport, which is simply not the case,” Scott added.

“Visit any netball venue during the week and you will see men’s and/or mixed netball, while boys divisions in our Schools Cup have been highly popular. We now also have male divisions at our Junior and Senior State Titles.  We have made some good progress over recent years and we want to accelerate this.

“Finally, more broadly, we feel it is our responsibility to unleash netball’s potential in NSW, and a fundamental part of achieving this is to ensure that we create environments and opportunities that meaningfully ensure netball is a sport for all communities, ages, genders and abilities.

“Netball is the most popular team sport in NSW and provides more health and social benefits to the community than any other code in the State.

“We must champion the game and market it properly as the major player it is on the NSW sporting landscape.”

To view the full Netball NSW Strategic Plan please CLICK HERE