A new report from the Australia Institute’s Centre for Future Work is calling for increased investment in public school funding to lift flagging school completion rates and spark economic growth.
The Case for Investing in Public Schools: The Economic and Social Benefits of Public Schooling in Australia has found that the current inadequate funding for public schools is preventing students from reaching their full potential and is depriving the nation of the significant benefits of high levels of school completion.
Key findings:
- Additional funding of $6.6 billion per year is needed for public schools to meet the SRS commitments adopted by federal and state governments a decade ago, a 15% increase in total public school funding.
- The enhanced funding and resulting improvements in school completion could lead to employment, economic activity, productivity gains and social savings equal to $17.8 billion and $24.7 billion annually after two decades.
- These economic benefits are two to four times greater than the additional yearly cost required to fully meet the SRS for public schools.
“Australia’s economic success relies heavily on the potential of our young minds,” said Dr Jim Stanford, Director of the Centre for Future Work.