The Coalition has announced a turnaround in its support for the Federal Government's so-called "Gonski" school funding plan.

Opposition Leader Tony Abbott says if the Coalition wins government, it will honour Labor's funding commitments across the four years of the budget forward estimates.

Previously, he had promised only to guarantee any deals Labor struck for the first year.

Mr Abbott says the decision will help schools plan for the future.

"As far as school funding is concerned, Kevin Rudd and I are on a unity ticket," Mr Abbott announced this morning.

"There is no difference between Kevin Rudd and myself when it comes to school funding."

However, the Opposition says it will scrap elements of the plan that it says centralise power in Canberra.

Just yesterday, Opposition Education spokesman Christopher Pyne told ABC News 24 the Coalition would only honour the deal for one year.

"What we will do is give schools certainty for 2014 then undo the damage that the Government has done, by negotiation with the states and the territories [for a] new model for 2015," he said.

What does the Gonski report say? The Government says it is vital and it seems now the Opposition agrees. Unions, teachers and parents say the money won't come soon enough. But what does the 319-page Gonski report on school funding actually say?

The $15.2 billion Better Schools Plan, known as the Gonski package, passed Federal Parliament last month.

The Education Union's Angelo Gavrielatos has welcomed the backflip but wants a commitment beyond the next four years.

"Clearly the Coalition was feeling increasingly isolated with respect to its position on schools funding reform," he said.

"It's clear that it's an election fix when they're thinking about the election much more than the kids."

Of the additional money, 65 per cent is slated to come from federal coffers with the rest drawn from states and territories.

It will draw $9.4 billion from the federal budget over six years, with the added sweetener of having federal funding indexed at an increased rate of 4.7 per cent.

The states and territories have each been asked to maintain current school spending and commit to 3 per cent growth in school funding every year.

So far, the ACT, South Australia, Tasmania and the Coalition Government in New South Wales are all on board, along with the independent and Catholic school sectors.

Conservative governments in Western Australia, the Northern Territory, Queensland and Victoria are yet to sign any deal.

See what is on offer to state schools in WA, Queensland and Victoria under the funding deal: