The Victoria School Saving Bonus is a new government initiative aimed at easing the financial burden of education for families with children in public schools. While public schooling in Australia is often seen as a low-cost option, many hidden expenses — from uniforms and books to digital devices and extracurricular activities — can add up quickly. This article explores the true costs of public education, the impact on families, and how financial support programs like the School Saving Bonus can help. It also offers practical strategies for managing school expenses and highlights additional resources available to Victorian families.
The Hidden Costs of Public Education in Australia
Education in Australia is regarded as a basic right, and public schools often come with fewer direct costs than private institutions. However, families still face expenses for:
- School uniforms – Costs for standardised uniforms can exceed hundreds of dollars per child.
- Books and stationery – Annual booklists and necessary learning tools often place additional strain on household budgets.
- Digital tools – Many schools now require students to have laptops or tablets, which can cost $500 to $1,500.
- Excursions and extracurricular activities – Camps, sports, and cultural activities often come with associated fees.
A Finder study from early in 2024 tallies the basic education cost average in Australia every year at $2,547 per primary school child and $4,793 for each child in secondary school. Another report by education bonds company Futurity figured the overall cost over 13 years of basic education in Australia at $92,710. For families with multiple children, this can become overwhelming, especially when compounded by rising living costs.
Victoria School Saving Bonus
Recognising the increasing financial burden on families, the Victorian Government introduced the Victoria School Saving Bonus in November 2024, aimed at reducing the cost of schooling for public school students. This initiative is designed to ensure that every child has access to necessary educational resources without placing undue stress on families.
The Victoria School Saving Bonus is a financial support programme providing eligible families with direct funding to help cover back-to-school expenses for students enrolled in Victoria’s public school system. The state government is allotting $280 million for the programme, with the money coming from the state budget for FY25. An estimated 700,000 families in Victoria will be the beneficiaries.
The programme provides a one-off payment of $400 to be sent to an eligible child via their parents. These funds can be used for school uniforms, booklists, digital devices, or extracurricular fees, offering families flexibility in managing their school-related expenses.
Eligible families can access the School Saving Bonus by following these simple steps.
Check Eligibility
The programme is available to all Victorian families with children enrolled in public schools for AY2025 from Prep to Year 12. However, it doesn’t apply to international students, TAFE enrollees, homeschooling students, or kindergarteners, as well as public school students who transferred to a private school. The state education office notes that Prep to Year 12 students in a non-government school may also be eligible for the Bonus, but their parents or carers must consult the school management first.
Registration
While there is no application process per se for the School Saving Bonus, the government stated that a notification for eligibility will be sent to the email address of a parent or legal guardian/carer starting 26 November 2024. If they have more than one eligible child in the household, additional emails may be sent. This email will contain access details for the School Saving Bonus portal and a unique redemption code to access the bonus.
The main element is that parents should have enrolled their children for Term 1 2025 by 18 October 2024 and their contact details are up to date. This is also vital if the children were transferred to another public school.
Portal Access
The School Saving Bonus’s official portal has a dashboard to help parents/carers program the funds needed for their child’s expenses, with a set of access buttons to guide the planning. Any purchases under the programme for uniforms of textbooks will be furnished under QR payment codes to your school’s approved supplier. Cash purchases may also be possible If there are funds left in the balance, it can be carried over into the child’s account for the future or programmed to help a sibling studying at the same school if the original beneficiary has graduated.
Smart Strategies for Managing School Costs
While government assistance like the School Saving Bonus can alleviate some of the financial strain, strategic planning is essential to manage the broader costs of preparing for school. The following are practical tips to make the process more manageable.
Create a Budget
Draft a detailed list of all school-related expenses for the year, including uniforms, supplies, extracurricular fees, and transport costs. Allocate funds accordingly and identify areas where you can cut costs.
Shop Early and in Bulk
Buying school supplies early often means taking advantage of sales. Bulk purchases of stationery, for instance, can save money in the long run.
Second-Hand Options
Consider purchasing second-hand uniforms, books, or devices. Many schools host second-hand sales or connect parents through online platforms to trade items.
Leverage Financial Aid Programmes
Beyond the Victoria School Saving Bonus, check for other government grants, scholarships, or school-specific financial aid programmes.
Digital Device Payment Plans
If your school requires a laptop or tablet, inquire about payment plans or rental schemes to spread the cost over time.
Encourage Recycling
Encourage your children to take care of their school supplies and uniforms so they last longer. Hand-me-downs can also be a cost-effective solution for families with multiple children.
Broader Support for Schooling Costs
In addition to the School Saving Bonus, other forms of assistance are available for Victorian families:
- State Schools Relief (SSR) – A long-standing charity that provides uniforms, footwear, and other essentials to families experiencing financial hardship.
- Camps, Sports, and Excursions Fund (CSEF) – Offers payments to eligible families to cover costs associated with school activities.
- No-Cost Public Schooling – Public schools in Victoria often waive certain fees for families experiencing financial difficulties.
These initiatives form a comprehensive support system to help families manage school expenses.
SSR and the CSEF even align with the School Saving Bonus. SSR can also honour the Bonus money to help in expenses, with 30 June 2025 as the deadline. The government states that the Bonus will be made available for eligible students after the 2025 CSEF budget has been used.
The Importance of Financial Support for Education
The economic challenges faced by many families, from inflation to stagnant wages, highlight the importance of financial relief programs. Without support, some children may face barriers to education, including limited access to necessary learning tools or extracurricular opportunities.
The Victorian School Saving Bonus not only eases financial pressure but also promotes equitable access to education, ensuring that no child is left behind due to economic hardship. For many families, this initiative can make the difference between a stressful start to the school year and a smooth transition.
Taking a proactive approach to funding school expenses has long-term benefits. By carefully planning and utilising available resources, families can avoid debt and foster a positive outlook on education for their children. Moreover, teaching children about budgeting and financial responsibility from a young age can instill valuable life skills.
DISCLAIMER: This article is for informational purposes only and does not supersede established financial advice. The data presented is based on the latest information available at the time of writing. 2 Ezi is not affiliated with the Victoria government and does not endorse or disparage any education finance programmes.
For further enquiries on the Victoria School Savings Bonus, please contact the State Government of Victoria at 1800 338 663 or email [email protected].
