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New Zealand First had their official campaign launch at the Kelston Community Centre in Auckland this afternoon, before about 300 of the party faithful.
Party leader Winston Peters said the scheme would cost about $60 million.
"It will cost the Government per year about what the Novopay disaster has cost us already. Or much less than the numerous Cook Strait ferry botchups have cost already.
"That's $60 million reinvested back into our economy, our businesses and our people, not heading offshore to reward a bunch of incompetent Aussies on Novopay."
The account would grow with after-school and holiday jobs worked as a teenager.
"It also means that the Government is spared not having to loan as much money to tertiary education students for their fees."
Mr Peters made economic nationalism and foreign ownership a major theme of his speech.
New Zealand First is opposed to the potential sale of the Lochinver station near Taupo that is currently before the Overseas Investment Office.
Mr Peters said it was useless to point out, as National does, that the Labour-Government also sold land to foreigners.
"As they say in Beijing, two Wongs don't make a right."
Foreign investors often run New Zealand assets into the ground, he said.
"Then they hand it back to you. In the meantime they make 35 years of wonderful profits."
It has proposed a comprehensive register of all foreign-owned land and homes.
"We're going to know, finally, who owns what and where. And we'll catch land and houses using the trust ownership veil as well."
He outlined other party policies, including a ban on criminal gangs altogether, a public paedophile register, and taking GST off household food items.
An announcement would soon be made on the minimum wage.
- By Derek Cheng of NZH