Prime Minister Malcolm Turnbull has declared he will "bring the school funding wars to an end" in a stunning policy turnaround that will see the federal government pump an extra $19 billion into schools over the next decade.

At a surprise press conference flanked by businessman David Gonski, who conducted a landmark review of school funding for the Gillard government, Mr Turnbull said he would succeed where Labor failed by delivering a genuine needs-based funding model.

Mr Gonski will conduct a new review for the government - dubbed "Gonski 2.0" by Mr Turnbull - on how the extra money can best be spent to ensure it boosts student performance and school results.

Next Tuesday's budget will include an extra $2.2 billion extra for schools over the next four years on top of the $1.2 billion announced in last year's budget.