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It will cost half a million dollars to send a child born in 2016 to an Australian private school

Photo: Pymble Ladies’ College in Sydney. The school is listed on Business Insider’s list of top 10 private schools for girls in Sydney.

If you have a child this year and you intend on sending them to a private high school, you better start saving.

According the latest Planning for Education Index, released by the Australian Scholarships Group (ASG), it will cost parents a whopping $468,397.

The index, which is based on the responses of 12,500 families from across the country, calculated the costs based on location, school fees, transport, uniforms, computers, school excursions and sports, is created as a guide for parents to plan for how much they will need to save for schooling across all sectors including public, private and religious.

See the full break down here.

Graph: The 2016 Planning for Education Index/ Australian Scholarships Group.

The news is worst for parents living in Sydney.

For a child born in 2016 the forecast cost of a private education in Sydney is $552,351, 18% above the national metropolitan average of $468,397 and significantly more expensive than Melbourne at $512,283, Canberra at $431,538 and Hobart at $421,309.

Brisbane is the most affordable city for a private school education which comes in at $360,044, according to the index.

Sydney is also the most expensive for systemic school education, coming in at $240,768, $10,387 more than the national metropolitan average of $230,381.

When it comes to public school education however Melbourne is the most expensive city in Australia to educate a child. Melbourne is 12% above the national metropolitan average of $66,862, with a total of $75,193.

Infographic: ASG planning for education – all costs.

See more on the cost of individual cities here.

ASG CEO John Velegrinis says the cost of education has continued to rise at more than twice the rate of inflation over the past decade and suggest parents take “a disciplined approach” to saving for their child’s schooling.

“Regardless of whether you send your children to a government, systemic or private school, the costs of that education will clearly increase which is why we advocate that parents start planning for education as early as possible, even from the moment their child is born,” he said.

“We’re very fortunate in Australia to have a variety of excellent government, systemic and private schools. If you have two or three children, the cost of a private education could be higher than the purchase price of the family home. We advocate parents use a disciplined approach by putting a little bit away each week so they financially can afford their children’s educational goals and aspirations.”

If your child is born an earlier year, see how much it will cost you to send them to school using the ASG education costs calculator here.

Now read: CHEAT SHEET: The top 10 private schools for girls in Sydney

CHEAT SHEET: The top 10 private schools for boys in Sydney

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