Government commits $2.5B to the Schooling Resource Standard (SRS) to improve teacher professional development and student outcomes.
A landmark agreement between the Albanese and Allan Labor Governments will see Victorian public schools receive a significant funding boost. The Commonwealth will increase its contribution to the Schooling Resource Standard (SRS) from 20% to 25% by 2034.
“Labor knows that education opens the doors of opportunity and we want to make sure we widen them,” Prime Minister Anthony Albanese said. “Building Australia’s Future means investing in the next generation, which is why every dollar of this funding will go into helping children learn. This gives certainty to parents and teachers, while setting our children up for the future.”
This represents the largest-ever new investment in Victorian public schools by the Australian Government, estimated at $2.5 billion over the next decade. The additional funding will support initiatives such as individualised student support, mandated evidence-based teaching practices, and enhanced mental health support in schools.
“My priority is – and has always been – that every child, no matter where they live, has access to a world-class education in a Victorian government school,” Premier Jacinta Allan said. “By investing in our schools, we’re investing in our kids’ future – that’s why we have the largest school building program in the country and that’s why we’ve advocated for this deal.”
Victoria will adjust its funding model, replacing the previous system where 4% of public school funding was allocated to indirect costs like capital depreciation. Instead, 4% of recurrent funding will be directed towards eligible expenses, while the state maintains its 75% share of the SRS for public schools.
“This is real funding tied to real reforms to help students catch up, keep up and finish school,” Minister for Education, Jason Clare said. “It’s not a blank cheque. I want this money to get results. That’s why funding will be directly tied to reforms that we know work. It will help make sure every child gets a great start in life. What every parent wants. And what every Australian child deserves.”
The agreement is contingent on Victoria delivering specific reforms, including a Year 1 phonics check, an early years numeracy check, continued investment in student wellbeing initiatives (including access to mental health professionals), high-quality professional development for teachers, and initiatives to attract and retain teachers.
“We have been unrelenting in our advocacy to the Commonwealth to increase its funding to 25 per cent of the SRS for Victorian Government schools to ensure that all schools in Victoria are fairly and fully funded,” Victorian Minister for Education Ben Carroll said. “This is a win for Victorian students and teachers, and we are pleased to have reached agreement with the Albanese Labor Government.”
The agreement also includes national targets for improving student outcomes, such as increasing the Year 12 certificate completion rate, reducing the number of students needing additional support in NAPLAN, increasing the proportion of students achieving strong or exceeding proficiency in reading and numeracy, improving student attendance rates, and increasing the engagement rate of initial teacher education students.
The Albanese Government has confirmed that other states and territories that have signed the Better and Fairer Schools Agreement (BFSA) – Western Australia, Tasmania, the Northern Territory, and the ACT – will also receive additional Commonwealth funding, in line with the “no disadvantage” clause in their agreements. This will include similar requirements regarding the accounting of indirect expenditure on schools. The government continues to work with remaining states to achieve full and fair funding for all public schools.
Also read: The Smith Family’s Back to School Appeal helps children in need
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