Portable Bonds Scheme to Deliver Cost of Living Relief

work that one raises out of oneself, one creates space for some new strength.”

It’s such a funny thing: trying to attain, or even just being aware of trying to attain, a balance – when it comes to your self-belief, abilities, understanding of one’s talents (and deficiencies) and then not warping any of these things to the point you believe you can do no wrong. Because the world is never short of an abundance of prancing, self-declared practitioners of their own prowess. Or as the eversurmising Frenchman La Bruyere once noted, “Between intelligence and talent there is the ratio of the whole to its part.”

Which leads us back to the German sociological ace, Goethe, who once no doubt smirkingly said, “The person who wants to do better than everyone else is generally deceiving himself: he is just doing all he can and then is pleased to fancy that this is as much and more than everybody else.”

As such, I don’t think I’ve been anywhere – be that a boardroom or a backyard BBQ, where someone of this ‘ilk’ hasn’t peacocked about, unable to lose sight of themselves, and engage with others, for even one solitary second.

For the rare few that seem to navigate towards the neutral and highly objective, calm eye of the self-worth storm, the riches it bestows upon them, are beyond value or compare. As Sonya Parker once tellingly surmised, “Until you know your worth, you’ll continue to seek other people’s approval just to feel good about yourself.”

Millions of renters across New South Wales will soon beneft from the nation’s frst Portable Rental Bonds Scheme, an initiative by the Minns Labor Government. The state government is investing $6.6 million to develop and deliver this groundbreaking scheme aimed at providing fnancial relief to renters. With over 330,000 tenancies turning over annually and an average tenancy duration of 1.6 years, renters face signifcant challenges, including high moving costs averaging $4,000 and the need to pay a new bond before receiving a refund on their previous one. The Portable Rental Bonds Scheme addresses these issues by allowing eligible tenants to digitally transfer their existing bond to their new rental home.

This scheme maintains the integrity of the bond system, ensuring homeowners’ security while improving cash fow and reducing fnancial stress for renters. The Rental Commissioner is leading the development of the scheme, which is currently out to public tender, with completion expected by 2025.

Premier Chris Minns commented on the scheme, stating, “Moving house is one of the most stressful things you can do, not to mention expensive for many renters. The process can leave renters out of pocket for several weeks. The NSW Government’s portable bonds scheme will give cost of living relief to renters moving homes, ensuring they don’t have to set aside extra money while they wait for their bond to be refunded.”

Minister for Better Regulation and Fair Trading Anoulack Chanthivong highlighted the scheme’s signifcance, “This scheme will be the frst of its kind in the nation. Once in place, renters won’t have to think twice about how they’ll pay their bond on top of moving costs. The NSW Government is committed to working towards a fairer rental marketplace. This scheme is a win for renters and owners.”

Minister for Housing and Homelessness, and Minister for Youth Rose Jackson emphasized the importance of the scheme amidst the current housing and cost of living crisis. “We must explore every option to alleviate the fnancial pressure renters face when moving house. The high cost of moving, especially having to pay a new bond before the old one is refunded, can push people to the brink of homelessness. The portable bonds scheme is an important and practical way to help ease this pressure renters feel.”

The Portable Rental Bonds Scheme promises to deliver signifcant relief and support to renters, enhancing their ability to move homes without the added fnancial burden, ultimately contributing to a fairer and more equitable rental market in New South Wales.