Little is known about the educational productivity of public schooling organizations when examined outside of market-based, cost-minimization frameworks. The purpose of this research was to extend the literature that supports the appropriateness of measuring levels of the economic efficiency of public schools via an alternative approach, utilizing modified quadriform analytics (MQA) to assess the educational productivity of New South Wales public elementary and secondary schools in Australia over three school years, 2008-2010. This study identified and compared the economic efficiency of New South Wales schools in terms of level of fiscal resources and national, mandated academic test scores while taking into account sociodemographic factors over which a school has no control. This article: (1) presents historical background and alternative perspectives on educational productivity and its measurement; (2) describes the history of primary and secondary school funding in Australia and New South Wales; (3) reviews recent efficiency research on Australian schools; (4) explicates MQA, research methods, and data sources; and (5) presents analytical results. The article concludes with summary findings and implications of the study for educational efficiency theory, research, and policy within the Australian context. Recommendations are made for future research.