After months of back-and-forth, the federal government has brokered a deal with Queensland to lift the Commonwealth's contribution from 20 per cent of the Schooling Resource Standard - an estimate of how much public funding a school requires to meet students' needs - to 25 per cent by 2034.

The Queensland agreement will provide an extra $2.8 billion in Commonwealth money for hundreds of thousands of public school children over the next 10 years.

"This is intergenerational reform that will make an incredible difference," Prime Minister Anthony Albanese told reporters in Canberra on Monday.

"What we want to make sure is that every parent - when they make a decision of where their child goes to school - can have confidence that that child will receive the level of support that they deserve.

"Today will change lives because public education changes lives."

Before Monday, every jurisdiction except Queensland had accepted a deal to fully fund public schools.