David Gonksi, whose name is synonymous with Australia's school funding reform, has announced a AU$5 million initiative for disadvantaged schools.  But the ANZ chairman insists that it's not a sign his reform plan is failing or that governments aren't doing enough.

"I know there will be some who will be cynical and will say today's announcement of the pioneers group is a way of indicating that government doesn't give enough to schools," said Mr. Gonski as quoted by the ABC.  "I want to categorically deny and say to you this is entirely wrong."

He's putting $750,000 of his own money into a new program called Pioneers in Philanthropy, part of the Schools Plus charity initiative, which will will see business leaders spend more than $5 million on disadvantaged schools over the next five years.

"We firmly believe that students from a disadvantaged background are no less talented or able than students whose circumstances have provided them with more opportunities," Mr. Gonski exphasized.  "With the right support, these children are just as capable of achieving magnificent things."

The Pioneers in Philanthropy program was set up by the Schools Plus charity.  Other leading business figures making donations include former media owner John B. Fairfax, Seven Group executive chairman Kerry Stokes, WorleyParsons founder John Grill, and former banker Angus James, who also chairs Schools Plus.  He says that it is "simply unacceptable that students from disadvantaged backgrounds fall behind their peers at every step of their education".