Greens label Kids Future Fund a subsidised trust fund for the children of the already well-off

The Greens NSW have today called out Perrottet’s plan for a so-called “Future Fund'' for children for what it is: more neoliberal nonsense from a Liberal party out of touch with the needs of the community.

Greens MP and Spokesperson for Treasury, Abigail Boyd, said:

“We’ve waited all election campaign for the Liberals to put forward any meaningful plans to tackle the cost-of-living crisis in our State, and we’re still waiting.

“This Perrottet plan encapsulates everything that is wrong with the Liberal-National government’s ideological agenda and bankruptcy of ideas. The people of NSW are crying out for immediate financial relief, and for leadership on housing affordability and education. What they have been given is a plan that will further entrench inequality for generations to come.

“Instead of focusing on providing free quality education for all children, or taking measures to make housing more affordable, Perrottet is doubling-down on the previous mistakes of his Liberal-National Government with policies that reward the already well-off.

“He is literally planning to give cash to those who already have cash, presenting it as a plan to help the next generation pay for vital goods and services, and all the while neglecting to mention that it is the ideology of his Government that has made those things unaffordable in the first place.

“Perrottet’s so called Future Fund is a government funded intergenerational wealth transfer, a publicly-subsidised trust fund for the children of the well off.

“The latest RBA figures show the household savings ratio plummeting, and predicted to continue to decline, with people having to dip into savings to make ends meet, if they have any savings to begin with.

“I don’t know which households the Premier is talking to that have a spare thousand dollars to set aside each year to buy their children’s way into our cooked housing market, but they’re not the people who are needing help right now.

“Not only does the Kids Future Fund reward those families with money to spare, but it also places even more funds with TCorp, an entity with a dubious record when it comes to safeguarding public money. Given the Liberal-National Government’s track record on schemes like TAHE, you could be forgiven for thinking this is just another plan designed to boost the budget bottom line.

“This election, the Greens are putting forward a real alternative vision for tackling economic inequality and building a safer and fairer future for all. As part of that vision, our plan for a Public Bank of NSW would allow us to reform the broken banking system and reinvest public funds for public purpose, with real benefits flowing back to the community.”

TAX SUPERPROFITS TO PAY WORKERS MORE

NSW is missing out on tens of billions of dollars. By introducing a progressive coal royalty structure similar to the one in Queensland, we would have raised an extra $20 billion last year.

The NSW Government owns and controls, on behalf of the people of this state, the rights to the minerals and materials that naturally occur in NSW land.

Huge fossil fuel companies are only able to extract and sell these commodities with the consent of the State. It’s time they paid a fair price for that privilege.

The fossil fuel industry has made hundreds of billions of dollars out of their cosy relationship with governments. Granted permission to extract and sell coal, these large multinational fossil fuel corporations pay just over 7% in royalties back to the people of NSW – keeping the rest as mega-profits for themselves. These companies have a track record of taking more than their fair share and leaving communities suffering and stranded with poisoned groundwater, devastated landscapes and a stranded workforce when it suits their business models.

Globally, the hyper-inflation of fossil fuel prices driven by price-gouging opportunism and war profiteering from Putin’s invasion of Ukraine has delivered record windfall profits to these already obscenely wealthy corporations. In the last year, NSW coal exports totaled over $70 billion dollars, but the people of NSW will only see about 7 cents in every dollar, or about $6 billion dollars of that amount.

Rather than going toward schools, hospitals and public infrastructure, billions of dollars went into the pockets of multinational mining corporations. The Greens believe there should be more money for schools and hospitals and less for mining billionaires.

Sign our petition calling on the NSW Labor Government to increase coal royalties to invest in communities.

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Greens label Kids Future Fund a subsidised trust fund for the children of the already well-off

TAX SUPERPROFITS TO PAY WORKERS MORE

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