Australian parents having children this year can expect to pay more than $500,000 for a private school education, according to the Australian Scholarships Group (ASG).
The ASG released the results of its Planning for Education Index which measures a range of variables including school fees, transport, uniforms, computers, school excursions and sporting trips to determine the cost of education.
Parents in Sydney seeking a private education for a child born in 2015 can expect to spend up to $541,275, while at the lower end of the scale Adelaide is the least expensive capital city to privately educate a child at $338,264.
Melbourne ($502,088) was deemed the second-costliest city to educate a child in the future, followed by Canberra ($421,418), Hobart ($381,677), Darwin ($371,589), Perth ($367,541) and Brisbane ($360,398).
In terms of providing a systemic or religious education, the Education Index revealed parents in Brisbane will pay the most ($241,849) and Canberrans the least ($207,732).
Here’s the table.
Families living in regional areas can expect to pay less than their metropolitan counterparts for public, private and systemic school education.
The average cost of putting a child through private education in Australian metropolitan cities is $456,933, while parents in regional areas can expect to pay up to $321,663.
Public school education is significantly cheaper, with the most expensive metro city education expected in Sydney ($71,406) and the cheapest Adelaide ($50,268). Regional public schooling was revealed to be costliest in New South Wales ($54,421) and least expensive in the Northern Territory ($48,817).
ASG CEO John Velegrinis said families must establish a financial futures plan given the substantial costs of raising a child in Australia’s current climate.
“Education is one of life’s major investments – in some instances it’s an even bigger investment than the family home. What we’re advocating is that by putting a little bit away, parents are more likely to achieve the goals and aspirations they have for their children.”
“There is a myriad of other costs involved including transport, uniforms and school books, excursions – which can create financial headaches if they’re not planned for.”
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.