NSW Education Minister Adrian Piccoli has slammed a federal Productivity Commission report into Australian schools as a waste of money.

"I hope no one paid for this report," Mr Piccoli said on Tuesday. "[Because] it tells us nothing that we didn't know four years ago."

The comments from the state Coalition minister come after the draft report from the commission found a 14 per cent increase in spending per student over the past decade had not improved academic results in the nation's schools.

The report was commissioned by Mr Piccoli's federal Coalition colleague Treasurer Scott Morrison in March.