Figures from the Australian Scholarships Group (ASG) show Australian parents are paying on average 25 per cent more for a public education, 57 per cent more for a religious school education and 64 per cent more for private fees than they were a decade ago.
Children born in Sydney this year will pay the most for a private school education, with average fees of over $575,000 - and parents having babies in Melbourne this year will pay the most for public school, an average of over $77,000.
ASG CEO John Velegrinis said these figures are only likely to keep rising.
"We can't see this trend actually changing because of the sub components associated with education and CPI is just seems to be drifting further north," he said.
However, David Robertson from Independent Schools Queensland said the survey group of over 12,500 parents isn't wide enough to gauge a national perspective on education costs.
"I think it would be challenging to accept that data being indicative right across the sector," he said.
Federal Education Minister Simon Birmingham issued a statement in response to the report, telling parents not to be alarmed.
It stated the government is putting an extra $4 billion into education in the next few years to keep school fees affordable.
But the ASG's John Velegrinis said it's not the fees but the school extras driving the increased cost.
"Uniforms, text books, extra curricular activities - there's a whole host of other things that come into that child being able to gain an education."
As a mother four boys, Lisa Curran can attest life isn't cheap.
The Curran family sorting out school supplies. Source: SBS
Her eldest Tom is starting Year 11 at the Christian Boys College in Melbourne, and her second-eldest James will be joining him this year.
The two youngest are still in primary school, but she said the boys' education already takes up one-third of the family budget.
"School fees is predominantly the first consideration, then the amenities. So they're the two main things we count first, then the family going on a holiday or a vacation has to get pushed down the list."
Mrs Curran said more sacrifices are on the horizon.
"To add a third child next year, and having three of them at high school it is really going to change how we look at things and we might add part time work on top of our full time jobs."
