Ms Gillard has confirmed the government will extend by one year the existing scheme, established by the previous Howard government, until at least 2014.
"I want every parent who votes in this election to know what funding they will get for their local school from me as prime minister," she told reporters in the Cairns.
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"I want that to be absolutely transparent."
The Australian Education Union said it was clear Labor had caved in to pressure from private schools.
"Labor will not have changed in almost seven years a system which they have repeatedly acknowledged is flawed and failing to deliver for all children," union president Angelo Gavrielatos said.
Public schools, which educated two-thirds of students, were only receiving a third of federal funding.
"The private schools that get the most funding are the richest in the nation," Mr Gavrielatos said.
"It is a funding system that is biased against public schools."
Labor would deliver $12 billion more to private schools than public schools by 2013.
