Private school fees are rising at more than twice the rate of inflation with the cost of primary and secondary school for two children expected to top $900,000 in 2023.
Private school fees are rising at more than twice the rate of inflation with the cost of primary and secondary school for two children expected to top $900,000 in 2023, or about 14 per cent more than the cost of a median house.– the percentage of students attending private schools increased 14 per cent over the past five years, more than four times the growth in government schools.
Some popular private schools have a non-refundable $500 charge to go on a waiting list, with no guarantee the child will be accepted. “It can often come down to parents and postcodes,” Larsen says. “Parents can create a nurturing environment, provide support and offer guidance. The right postcode can ensure safety, provide better health care and more opportunities.”Rose Cantali, president of the NSW Parents’ Council and a psychologist specialising in educational issues, says private schools offer students more curriculum choice, generally have more resources and can afford to employ experts for specialist activities.
House prices in many coveted school zones around the nation have fallen during the past 12 months as rising interest rates have weakened demand, according to analysis by CoreLogic, which monitors property prices.For example, Sydney’s 2071 postcode, which is home to non-selective, top-performing public school Killara High School, has slipped by 13 per cent, its analysis shows.
Top three- to five-year term deposits accounts range from about 4.6 per cent to 4.85 per cent, according to Canstar, which is below inflation but much better than what was recently on offer.Seek higher returns by investing in equities. Investors are advised to reduce risk by diversifying across a range of equities and fixed interest products by using an exchange-traded fund or mutual fund.
An education bond is a tax-efficient investment allowing withdrawals for education, such as fees, textbooks and uniforms, says Kelly Kennedy, financial adviser with BDO, a management and financial consultancy.It works as a “scholarship plan” under Australian tax law that allows the bond administrator to obtain a tax deduction which is passed on to the investor or bondholder when they withdraw earnings to pay for the education costs.
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