Not all Canberra schools with lead or asbestos on site will have the hazardous material removed from campuses.
ACT Education Minister Yvette Berry said there were 69 Canberra schools built before 1985 that had been identified as containing the dangerous substances.
While ACT Labor announced an election pledge of a $15 million fund to clean up the hazardous materials, Ms Berry said the money would go towards the schools with the most urgent need of removal.
"The $15 million is to remove [hazardous materials] from schools that need it most right now and those with the most complex needs to remove those materials," Ms Berry said.
"The removal of it has been identified by an expert team."
The announcement came following four Canberra schools having to close part of their campuses due to lead paint being detected.
The Liberal's education spokeswoman Elizabeth Lee said it was "disappointing" the action to rectify the situation took so long.
While the funds outline by Labor would only go towards schools identified by a new Education Directorate taskforce, Ms Berry said each school that had hazardous materials on site had management plans in place.
"None of the materials are unsafe if they are managed appropriately, and the Education Directorate has managed them appropriately based on expert advice," Ms Berry said.
"As schools get older, anything that includes these hazardous materials become more complex to maintain."
The $15 million fund comes on top of the $2.5 million allocated to a Canberra public school in annual infrastructure funding should lead or asbestos be discovered on the campus
The Labor announcement was made after the Canberra Liberals pledged to carry out an infrastructure audit of all schools and to boost the school maintenance budget by $15 million.
The party's education spokeswoman Elizabeth Lee said the issue of lead paint in schools was more prominent than first thought.
"It's disappointing that it takes an election for Labor to finally realise that there's a problem requiring urgent attention," Ms Lee said.
The ACT Greens have said they will commit to enshrining the right to a healthy environment in the ACT's Human Rights Act, which would take in students and teachers in schools with lead or asbestos contamination.
"Children as well as teaching staff in schools and early-childhood centres have the right to work and play without damaging hazardous and toxic materials and chemicals in their immediate environments," the party's environmental spokeswoman Jo Clay said.
"This would help prevent this type of contamination in the first place, require prioritised rectification and potentially offer legal remedies to people affected."
The Greens have called for reports on lead contamination in schools to be made publicly available.