An Australian Council of Social Service Report released this week shows the cost of living crisis means three-quarters of people receiving income support are eating less or skipping meals, cutting back on heating or cooling their homes, and struggling to afford medical bills.

Then there was the sixth Intergenerational Report released by the government in the past fortnight, mapping the country's future to 2063. The outlook for the next 40 years was rather bleak with predictions of lower economic growth, rising government debt, and existential challenges such as climate change.

It also predicted an ageing population, with the number of Australians over 65 years of age to double over the next four decades. The burden will fall on young people to support them.

This came within days of the release of the latest NAPLAN literacy and numeracy results, which were greeted with headlines such as "shocking", "a national disgrace" and a "$662 billion debacle".

It is true to say the results were poor. They showed that nearly 10 per cent of school students need additional support to meet minimum literacy and numeracy standards.

More alarmingly, for students from low socio-economic backgrounds, about 25 per cent need this additional support. First Nations students, and students from regional and remote areas are also faring badly.

But the headlines of doom aren't helpful. Our public school system is not broken - but there is an urgent need for change.

This current generation of students will be the workforce of tomorrow. With so many more people ageing and moving out of the labour force, we must do everything we can to prepare students today to thrive, so they can contribute meaningfully, in our fast-changing world. That's all students - those with financial means and those without.

Right now, we have a critical opportunity to tackle this challenge.

Three Commonwealth-instigated education reviews (early education, school education, higher education) are under way, aimed at tackling inequality in the education system.

As far as schools are concerned, Education Minister Jason Clare has acknowledged that an expert panel's review of the National Schools Reform Agreement, due to be completed next month, is "our last, best chance to get this right".

So, what practical measures must be in the expert panel's recommendations?

First, with more than 80 per cent of disadvantaged students attending government schools, we must ensure these schools are adequately funded.

Given the importance of teacher quality to student outcomes, this would give the most disadvantaged schools the ability to attract and retain the best teachers.

A disadvantaged student is, on average, two to three years behind in reading and maths by the time they are 15 years old, but a skilled teacher can turn that around.

Second, provide targeted support for students who fall behind at school.

Catch-up tutoring is an effective way to help. The Smith Family has been trialling our Catch-Up Learning program (one-on-one and small groups tutoring) since late 2020. The evidence shows clear benefits, with two out of three students making much greater progress in numeracy and literacy than they would have had they not received this support.

Third, implement a national digital strategy to ensure all young people are digitally included - again, those with financial means and those without.

This isn't just about laptops and reliable internet access, digital skills also need to be enhanced across the board. Effective schooling must measure the development of these digital literacy skills, and this should be tracked and assessed regularly in future NAPLAN testing.

Schooling leads to better life outcomes, but COVID has compounded a decline in Australian school attendance to its lowest level in years, with students in need disproportionately missing key educational milestones and outcomes.

The gap between achieving their potential and a disadvantaged student's actual educational attainment, threatens to create a lost generation of young people who will carry that load with them throughout their lives. It will also burden Australia, socially and economically.

All states and territories collect data that identifies students who would benefit from intervention. But this data is not yet being used to target those who most need help to stop them from falling through the cracks. This needs to change - so students get support exactly when they need it.

It's not just what goes on in schools that affects educational attainment - but also what happens beyond the school gate. When parents and the wider community are involved in young people's education, outcomes improve.

Education is more than just acquiring knowledge; it's the key to a better future. Our nation is at a crossroads in shaping public education to be the best it can be. The current National School Reform review is Australia's chance to get it right.