Fresh research has revealed Australian parents are now paying around the equivalent of a house deposit for their children’s schooling.
According to a new education index, Sydney parents are having to fork out the most at $150,000 for 13 years of public schooling, followed by Perth at $122,000 and Melbourne at $114,000.
It’s not much better for Queensland parents, who are facing costs upwards of $80,000 over the next 13 years to send their child to a public school in the sunshine state.
The data reveals non-metro schooling across Queensland is 11 per cent more than the national average, while costs skyrocket to $153,00 for catholic schools and around $200,00 for independent schooling.
Futurity Investment Group’s Sarah McAdie said the costs associated with education are placing a substantial burden on many Australian families.
“Spiralling cost of living, rent and mortgage repayment pressures means many households are under considerable pressure,” Ms McAdie said.
“With less discretionary money to spend, it is going to be a challenge for many families to pay for education, including school fees and voluntary contributions, which have all increased in the past
year.
“Despite the growing costs, education remains a priority for parents. The research shows they are finding ways to reduce their spending where possible.
“Ancillary spending is down compared to last year, with parents cutting back on outside tuition and coaching, musical instruments and electives”.
