BY DAKOTA TAIT
New data has revealed the Hunter and Regional NSW have some of the most affordable public education options in the entire country.
The report, compiled by Futurity Investment Group, found the average cost of 13 years of public schooling to come in at $58,227 in the regions, compared to $90,122 in Sydney.
Private education in Sydney came in at $448,035, while Regional NSW was 70 percent cheaper, at just $133,920.
School fees made up a larger proportion of the cost of an Independent education compared to a Government one, while parents of public schoolers put larger fractions of the cost toward school camps, textbooks, uniforms, and transport.
Parents are also estimated to have spent an extra $808 per child last year as a result of the COVID-19 pandemic.
Futurity Group Executive Kate Hill said the cost of education has risen at more than double the rate of inflation over the past decade.
“Education costs, including outside tuition, school camps and sports equipment and electronic devices are demanding a far greater share of the family budget than in the past,” Ms Hill said.
“COVID-19 has only exacerbated this financial challenge, with parents required to spend hundreds of dollars extra on unplanned education related expenses at the height of the pandemic."
75 percent of Independent school parents found they were satisfied with their child's schooling during the pandemic, compared to only 62 percent of Government school parents.
Ms Hill said parents who lacked the ability to save in the past would suffer difficult education costs in the future.
“More than ever, the costs associated with education are placing more of a burden on Australian families, who are already stretched by the rising cost of living and stagnant wage growth."
