I do not think it is about money at all. It is about state schools facing not actually being fit for purpose.

So for the sake of the nations economic financial and social future we must address this issue.

If we want to have luxuries we have to feed the ordinary children, and let them learn their letters Think of it this way... if we let civilisation fail, how will your children trust the staff and the guards they will need? Already they should not do hazardous things as hospitals are falling.

Adam Smith 'An Inquiry into the Nature and Causes of the Wealth of Nations'

No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable. It is but equity, besides, that they who feed, clothe, and lodge the whole body of the people, should have such a share of the produce of their own labour as to be themselves tolerably well fed, clothed, and lodged.

A mixed system worked well until recent times. Then the social contract was broken. A decade ago we removed substantial portions of the social safety net for children over 8 at the same times as reducing access to health care and absolutely trashing schools with public policy (no matter what was spent)

We have reportedly 1.2 million children in food insecure households. All our children's future is going to look very grim indeed if we don't rush to restore social security and cohesion. Not having an able workforce is a potential economic disaster.

https://peo.gov.au/understand-our-parliament/how-parliament-works/system-of-government/democracy/