An analysis by economist Trevor Cobbold published in February 2026 shows that Victorian public schools remain massively underfunded. Trevor’s article, published on the Save Our Schools website, describes the way Victorian schools are further short-changed by accounting ‘tricks’. The State Government’s share of school funding is 70% of the Schooling Resource Standard (SRS), but by the terms of its agreement with the Federal Government, some of that funding does not actually go to schools. Trevor’s article explains:
The agreement also continues the accounting tricks in the previous Morrison and Albanese government agreements that defrauded public schools of an estimated $3.5 billion over 2019-2024.
The Victorian Government can continue to claim non-SRS expenditures as part of its funding share. It can claim up to 4% of the SRS for capital depreciation and school transport (called the 4% allowance). It can also claim expenditure on the Victorian Curriculum and Assessment Authority and the Victorian Registration and Qualifications Authority as they relate to public schools. These expenditures are specifically excluded from the national agreement on how the SRS is measured…. An egregious aspect of the agreement is that these accounting tricks do not apply to Victorian Government funding of private schools.
The article also covers:
- Achievement gaps between advantaged and disadvantaged students
- Overfunding of private schools
- The Victorian Government’s failure to fully meet its formal obligations under the previous funding agreements in several years.