NSW to set up 'world-first' future fund

21/6/2018

(Translation appears in Arabic section)

Sydney - M E Times Int'l: NSW will set aside billions of dollars in a special fund for the state's future generations in a world-first that will also help pay for community projects chosen by locals along the way.

The NSW Generations Fund, announced in Tuesday's state budget, will start off with $3 billion and be topped up with future contributions.

"We owe it to our children to prepare for the challenges they will face in the decades to come, not saddle them with debt," Treasurer Dominic Perrottet said.

"The NSW Generations Fund adds a whole new level of resilience to the sturdy financial foundations our government has already built, to help withstand the budget pressures of an ageing population in the coming decades."

It also is promising to return at least half of any interest earned from the sovereign fund back to the community via local projects.

Under the program, NSW residents over the age of 16 can nominate and vote online for projects ranging from $20,000 to $200,000 - to be divided evenly across every electorate.

Nearly $30 million will be allocated to launch the 'My Community Dividend' in 2018/19.

Mr Perrottet hailed it as a world-first.

New $3bn fast train for Sydney's west

Sydney: A $3 billion high-speed underground rail line connecting Sydney's CBD to Parramatta is set to be the centrepiece of the NSW government budget.

The budget, also earmarks $28 million to finalise the final business case for the project expected to begin in 2020, report said.

"This is a super train for three million people in Western Sydney," Transport Minister Andrew Constance said.

"It will absolutely smash the travel time between Parramatta and the Sydney CBD via Olympic Park to less than 20 minutes."

The construction of the so-called Metro West project has a preliminary completion date of around 2025.

More nurses, doctors funded in NSW budget

Sydney:  One in three dollars from this year's NSW government budget will go to health, the premier says just two days from budget day.

It comes as the government announced on Sunday that nearly 1400 nurses, doctors and health workers will be employed in NSW hospitals courtesy of a funding boost in Tuesday's state budget.

Premier Gladys Berejiklian and Treasurer Dominic Perrottet say the boost is part of the "record" $1 billion in new recurrent funding which will bring the 2018-19 health budget to $23 billion.

NSW spends $285m on 'free' apprenticeships

Sydney: Aspiring tradies in NSW will no longer have to pay up to $3000 in fees to learn hospitality, plumbing, carpentry or bricklaying skills.

The $285 million plan, to be included in Tuesday's state budget, will fund 100,000 apprenticeships over the next four years and will be on offer in any course at TAFE and non-TAFE providers.

NSW Deputy Premier John Barilaro says the program will remove all barriers for anyone considering an apprenticeship.

Almost one million Australians can’t speak English

Canberra: The Turnbull government is considering a basic conversational English test as a requirement for migrants to becoming Australian citizens.

Citizenship Minister Alan Tudge is expected to announce the plans, after consultation with migrant and business groups, in a speech to the Sydney Institute today.

 “This would become a stronger incentive to learn the language as permanent residency is the most important objective for many,” he’s expected to say.

It comes after the Federal Government tried to introduce an English test as part of the citizenship test last year but many raised concerns it was too tough and it has not been supported by the Senate.

Talks start on Australia-EU trade pact

Canberra: Australians are a step closer to popping cheaper French champagne as trade talks with the European Union begin.

EU Trade Commissioner Cecilia Malmstrom is in Canberra on Monday for meetings with Prime Minister Malcolm Turnbull, Foreign Minister Julie Bishop and other ministers.

"I think we know where we are, we know the difficulties, we know the challenges, but also we know that in many areas it will be quite straightforward," Dr Malmstrom said in her meeting with Ms Bishop.

NSW doubles funds for drought-hit farmers

Sydney: The NSW government is doubling the amount of financial support on offer for drought-affected communities across the state.

Premier Gladys Berejiklian and her deputy John Barilaro on Wednesday visited a dry Dubbo farm, in NSW's central west, to announce the $284 million boost to its relief package for farmers and their families.

Most of the extra money - to be allocated in Tuesday's budget - will go towards the farm-innovation fund to help farmers build on-farm infrastructure and prepare for drought.

Housing price hike to follow grant's loss

Brisbane: House prices in Queensland will jump when the first home owners grant expires this month and a new land tax is introduced, industry experts say.

The state government is pulling the plug on the $20,000 payment two years after it was increased from $15,000, Tuesday's budget shows.

Housing Industry Association (Queensland) executive director Warwick Temby said there was nothing in the budget promoting affordability when the industry is turning down and migration into the state is petering out.

"We need supportive policies to help people into housing, not policies that are going to put up prices, and that's what this is going to do," he said.

Chinese investors feeling unwelcome

Sydney: Chinese investors are more wary about Australia, with a growing number saying they feel unwelcome.

A report from the University of Sydney Business School and financial services firm KPMG says there is a higher level of apprehension among Chinese investors towards Australia because of political debate and diplomatic tensions, a perceived decline in support from the Australian government, and little support among the media.

The report says only 35 per cent of 45 Chinese companies that were surveyed felt that they were welcome to invest in Australia - down from 52 per cent in 2014.

Professor of Chinese Business and Management, Hans Hendrischke, says the last three years have been financially favourable for Chinese investors in Australia, as they gain familiarity and confidence in the Australian market.