A long-awaited overhaul of education funding – dubbed Gonski 2.0 by the Prime Minister – will pump an extra $19 billion into primary and secondary schools across the country.

But the new arrangements will also mean 24 of the nation’s wealthiest schools will have their funding cut, with hundreds more to get less money than they otherwise would have.

In a press conference with businessman and reform architect David Gonski, whose name became shorthand for the needs-based funding model first proposed by Labor, Mr Turnbull said the government would commit to the system proposed by Mr Gonski.

“This reform will finally deliver on David Gonski’s vision,” Mr Turnbull said. 

Vowing to “bring the school funding wars to an end”, Mr Turnbull said the government would end the 27 separate school-funding deals across the states and territories while injecting an extra $18.6 billion into the education sector from 2018.

The government will also risk a political fight with the Independent and Catholic schools sector, confirming some “overfunded” schools will lose money under the new model.

The Gillard government had promised no school would lose funding under its Gonski plan.

Education Minister Simon Birmingham said on Tuesday that 24 schools would experience “negative growth” – or funding cuts – under the plan.

The New Daily understands a further 353 schools, which are funded above the Schooling Resourcing Standard, the benchmark level established by the Gonksi review, will receive a lower share of funding.

Mr Gonski will also write a new report – dubbed ‘Gonski 2.0’ by the Prime Minister – that will examine how schools can best use the extra funding.

Total federal funding for private and public schools will rise 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.

The states will also be required to meet a funding standard or have the Commonwealth’s contribution reduced.

Mr Gonski, whose name was used for the Australian Education Union’s I Give a Gonski schools-funding campaign, which attacked the government, welcomed the government’s announcement.

“I’m very pleased to hear that the Turnbull government has accepted the fundamental recommendations of our 2011 report,” he 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”.

But Labor was quick to dismiss the announcement, with opposition education spokeswoman Tanya Plibersek describing the government’s plan as “all smoke and mirrors”.

Ms Plibersek said the additional funding was a mere reduction of the “$30 billion cut” made by former prime minister Tony Abbott in the 2014 budget.

“Now we have an announcement of a $22 billion cut, dressed up, lipstick put on it, sent out to pretend this is somehow an improvement,” she told reporters on Tuesday.

Ms Plibersek said the opposition was willing to work with the government to reduce funding for some schools that are funded over the Schooling Resource Standard.

The Coalition had previously claimed the Gillard government’s full education package was “unfunded”.

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

-with AAP