Canberra runs the most expensive school system in the country, with the ACT government spending $18,460 per student in government schools, the highest of any jurisdiction and well above NSW's $14,800.
The national average is $14,440, making Canberra's spend 28 per cent higher than average.
The ACT government's spending has been dragged back from a high of $19,800 per public school student in 2012-13, which was 40 per cent more than the national average.
The figures are in the Productivity Commission's 2017 Report on Government Services, released on Friday, which compares the performance and spending of states and territories.
Canberra has one of the biggest capital spends on school infrastructure, at $3600 per student in 2014-15, compared with a national average of $2500, and second only to Western Australia.
Spending on teachers also looks to be higher, with Canberra having the second lowest ratio of students to staff in government schools in the country, at 13.1 students per teacher. Nationally, the average is 14.2 students per teacher. Private schools in Canberra, though, have one of the highest ratios of students to teachers, at 13.9, compared with the national average of 13.4.
In contrast to its big spending on government schools, the ACT is one of the country's lowest spending jurisdictions on private schools, spending $2175 per student, compared with a national average of $2505. Only Victoria and South Australia spend less.
While the ACT's spend on each government school student has increased 17 per cent in real terms over nine years, its spend on private students has stagnated, and is virtually the same as nine years ago (in real terms, in 2014-15 dollars).
Nationally, the states and territories have increased their spending by 9 per cent on private school students over the nine years, and 11 per cent per government school student.
The ACT appears to be a success at keeping teenagers in school, with 71 per cent of 15 to 19-year-olds in school in Canberra in 2015, compared to a national average of 57 per cent. The ACT has the highest participation rate in the country - and full participation for 14 to 17 year olds. Rates have steadily improved since 2006.
Retention rates from year 10 to 12 are also highest in the country, at 95 per cent.
NAPLAN results, though, paint a slightly less rosy picture, with the children of highly educated parents apparently not performing as well as their interstate counterparts.
In reading, 97.4 per cent of ACT year 3 students of the most highly educated parents met the minimum national standard in 2016, the second lowest in the country after the Northern Territory - although differences are small and the confidence level leaves room for doubt. Nationally, 98.1 per cent of year 3 students met the standard.
The disparity persists at year 5 but starts to drop off, and by year 9, 98.6 per cent of Canberra students with the most highly educated parents are meeting minimum standards, among the highest rate in the country.
In writing and numeracy a similar pattern is seen, with ACT students of degree-educated parents lagging a little behind through until year 9, although again the differences are small.