“Parents should be in charge of the $400 million in new education funding”, according to ACT Leader David Seymour.
“The Government’s proposed new spending on education equates to almost $700 for each and every student. ACT says this money should be controlled by parents through Student Education Accounts.
“Leaving decisions about what to do with $400 million to education bureaucrats is a terrible idea. Much of the money will be wasted before students see the benefits.
“Parents know more about the needs of their child than any bureaucrat and have the incentives to spend that money wisely.
“ACT’s Student Education Accounts would put parents and students at the heart of education decision-making.
“Taxpayers will spend more than $250,000 on education over the life of every child born this year, but parents have little control over how it is spent. We could get much better value for that money if it was used to empower families to choose their school, public or private.
“ACT proposes that every child receives a Student Education Account at the age of two. Each year until a student is 18, $12,000 will be placed in it. At the age of 18, they will receive a further $30,000 for tertiary education, with up to $50,000 available top academic achievers through a scholarship program.
“Parents will be able to spend that money at any registered education institution, public or private, that will accept their child's enrolment. If parents and children are satisfied with the education they are receiving, they can stay at their current school. If not, they can exercise choice and use the funding in their Student Education Account to receive a better education.”