ANZ says the buildings “arms race” between expensive schools is over as Victoria’s priciest schools hike annual fees by 4.3 per cent
Private schools are sitting on record reserves of cash as growing enrolments, a pause on big building projects and an end to COVID-19 fee discounts fill their coffers.
Victoria’s most expensive schools are Geelong Grammar, Lauriston Girls’ School, The King David School and Wesley College, which all charge more than $39,000 a year for year 12 domestic students. The bank questioned whether medium-priced schools, charging between $10,000 and $20,000 a year, got good value for money for extra spending on property, technology and equipment.
But ANZ said border restrictions during COVID-19 and a reduction in international student enrolments, particularly in Victoria, had dampened overall industry revenue. Independent Schools Victoria chief executive Michelle Green said the ANZ report confirmed that “parents from a wide range of backgrounds embrace the choice that independent schools provide”, despite the disruption and economic uncertainty caused by COVID.
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