Dominic Perrottet’s future fund contains the seed of a good idea but his version is an inequitable mess

‘Not many families are as large Perrottet’s own (he is one of 12 children and has seven of his own). Equally, however, very few large families have the resources available to the Perrottets.’ Photograph: Flavio Brancaleone/AAP

It is always disappointing when an important, and potentially transformational, policy idea is introduced in a form that almost certainly guarantees its rejection. That’s even more true in the context of an election campaign, where reasoned analysis of policy invariably takes a back seat to partisan polemics.

Dominic Perrottet’s announcement of a “future fund” in News South Wales to help young people finance education or the purchase of a home falls into this category. In the most attractive presentation, young people could start adult life with a fund of $50,000, enough to pay for a university degree, franchise a small business or, even, with other government assistance, pay the deposit on a modest apartment. Unfortunately, as we will see, the reality is rather different.