Victoria’s wealthiest most exclusive private schools are raking in millions of dollars in donations and investment income. It exposes a major flaw in how private schools are funded. These millions are ignored in assessing the need for government funding. It means the schools are massively over-funded by the taxpayer. It shows that the funding of private schools must be overhauled.
New figures obtained from the Australian Charities and Not-for-profits Commission (ACNC) show that 44 Victorian private schools received nearly $300 million in donations and investment income over five years from 2017 to 2021 (download table below). Donations totalled $215 million and investment income was $84 million. Just nine schools received $175 million over the period. The average income from these sources was $6.8 million per school over the five years. Each of the 44 schools received more than $1 million over the five years.
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