CANBERRA, April 13 - His state counterpart James Merlino indicated he's prepared to lift Victoria's contribution to the Schools Resource Standard from 66 per cent to 75 per cent, as ministers met for an Education Council meeting in Adelaide on Friday.

The standard is the basis of the Gonski review's needs-based schools funding model and the increase could reportedly see Victoria's state school funding grow by $10 million.

"This means Victoria will deliver the most significant increase of any other state or territory in the country," Merlino told Fairfax.

Hailed by Prime Minister Malcolm Turnbull as the biggest-ever education funding reform, the deal boosts schools funding to $23.5 billion over the next decade. 

But despite funding legislation passing federal parliament last year, long-term agreements have not been signed by the states and territories.

Birmingham said it was important they sign up this year, before it kicks in next year.

"It is a reality that Victoria invests less per student on its schoolchildren than any other state in the country, so the test is to make sure that Victoria's rhetorical commitment today is now matched by firm action in the agreements that are underway," he said on Friday.

Businessman David Gonski's latest schools review is expected to be released in coming weeks.