PM: Yes it certainly is enough to do the job, and we've worked hard to get this model right.
Taking the insights from David Gonski's work and the panel that worked with him to create a new school resource standard and loadings in that standard to deal with things like disadvantaged kids and indigenous kids who need more resources in their education to get a truly great education.
And as a government, we've made some tough decisions to ensure that the money is available, which is why I can today put an offer to premiers and to chief ministers around the country that if they sign on to this new system of school funding and school reform, then we will be able to put in $2 to their $1 to get to $14.5 billion extra over the next six years, and we will index at 4.7 per cent and ask them to index at 3.
HOST: You're setting a national standard of funding per student. What will happen to schools already above that?
Will they lose their funding or receive less?
PM: For schools that are above the school resource standard, they will continue with their current funding.
Their indexation rate will be at 3 per cent.
That is they will get the same arrangements as they would have if the old funding model continued.
HOST: Why take it from the universities to give it to the schools?
Isn't the Opposition right in suggesting you're in effect robbing Peter to pay Paul?
PM: I find this quite laughable from the Opposition.
When we came to government, we found that the former Howard Government had run a steam roller over Australia's universities.
They had neglected them and we needed to work with our universities to rebuild them and their funding.
So we have increased funding for universities by 56 per cent, by more than half.
Now what we are asking universities to do is to accept an efficiency dividend, one year at 2 per cent, one year at 1.25 per cent.
Their funding will still continue to grow, not as quickly as they might have anticipated, but still continue to grow against a backdrop of a huge increase in funding.
HOST: Prime Minister, thank you so much.
PM: Thank you.