Labor and the Coalition should both wince while reading the latest report on school funding from the Centre for Policy Development.

In the middle of an election dominated by education funding, it provides a welcome reality check for both parties - even though its authors, Chris Bonnor and Bernie Shepherd, are longstanding public school advocates.

Based on an analysis of My School data, Uneven Playing Field paints a damning portrait of a school system in decline: complicated, wasteful and inequitable.