I'm seeing Australia as rank 13 on spending per student for oecd countries. I had to check because I was pretty sure the united states spends way more than most (#3) just behind Norway, and well behind Luxembourg. That's basically middle of the pack for you guys. I have no idea if that matters in the context of your post.
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The trouble with education spending in this country is that the govt subsidises the already wealthy schools that charge a mint as well as public schools in the poorest areas. This obviously skews in favour of the rich and middle-level schools while the public schools, which mostly have the most challenging teaching and learning situations, are not funded as they should be. The problem is worsened when parents choose private or Catholic schools for their kids in fear of the lacks of public education (unless the public school is in a middle-class area and then the school is better supported by the community) making the situation worse. Surprisingly, it's been found that when it comes to academic results public schools punch above their weight. Nevertheless, the funding model is very flawed and we should keep demanding better funding for our public schools.
Sorry to the parents that send their kids to private school, but every single cent that's currently going towards subsidising their education and for-profit, rich schools, should be immediately diverted to public schools.
I'm not actually sorry, if you wanna be private, go be private.