WITH fees approaching $150,000 for a high school education at some private schools, it's time to ask: is it worth it?
For many families, sending their kids to a private school is one of the biggest investments they will make, after buying a house and contributing to super.
High school fees are also one of the fastest growing components of household spending after electricity, water and childcare.
With so much at stake - their child's future - parents are prone to making emotional, risk-averse decisions based as much on prejudice as solid evidence.
Which is understandable, given a lack of evidence about the returns from investment in private school education versus a free public education.
We do know that private schools, on average, produce higher test scores than Catholic schools, which in turn produce higher test scores than public schools.
But private schools also have more kids from higher socio-economic backgrounds - a strong determinant of educational and life outcomes - so it's a chicken-egg problem. It's not clear the quality of the education is the difference.
It is also true that private school graduates tend to earn higher salaries later in life. But this could be due to an affluent upbringing.
The main proven indicator of a person's future earnings potential is whether they went to university or not - a uni degree adding as much as $1 million to lifetime earnings. A private education or higher test scores may help you get to university, but it's the university education that really counts.
Another way to view school fees is that parents are not buying a better quality of education, but a more affluent peer group for their child.
Because affluence is a key driver of educational outcomes, if you live in a lower socio-economic area and you can afford to send your child to a private school attended by higher socio-economic kids, this could lift your child's performance.
But when it comes to a choice between a private school and a public school attended by relatively affluent children, the difference is more marginal.
Indeed, if the choice of a private school puts financial stress on the family or undue pressure on the kid, the choice of a high fee private school may be very detrimental.
The fact is there are good government schools and there are bad private schools, and vice versa.
It pays for parents to do their homework when shopping around for the best school for their child.
Whether they opt for public or private, becoming an active and informed member of their child's school community is one of the best investments a parent can make.
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