Malcolm Turnbull announces new 'Gonski 2.0' education review

All but 24 of the wealthiest schools across the country will get a boost in funding under a new plan described by Prime Minister Malcolm Turnbull as "Gonski 2.0".

Mr Turnbull has also commissioned the original author of landmark 2011 report, businessman David Gonski, to write a new report on how to ensure the extra money delivers better quality education.

"This reform will finally deliver on David Gonski's vision," Mr Turnbull said in Sydney today, at a media conference with Mr Gonski.

The Gonski name has become synonymous with needs-based funding for schools, which has been accepted as the best model by Labor and key education advocates.

Total federal funding for private and public schools will rise from $17.5 billion this year to $22.1 billion by 2021 and $30.6 billion by 2027.

This would mean real growth in funding above inflation and student number growth over a decade and an end to 27 separate school funding deals across the states and territories.

"I'm very pleased to hear that the Turnbull government has accepted the fundamental recommendations of our 2011 report," Mr Gonski said.

"I'm very pleased there is substantial, additional money even over indexation and in the foreseeable future."

Education Minister Simon Birmingham said it would be a "true, needs-based, sector-blind funding model".

The new Gonski report would ensure the money is used effectively and efficiently after Australian schools had witnessed a stagnation in terms of international performance, the minister said.

Legislation will be needed to lock in the 10 year funding path.