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There are now high expectations in Australia and comparable countries for the reform of school education. Change on the scale of transformation is required, that is, significant, systematic and sustained change that secures success for all students in all settings. It is evident that such an outcome can only be achieved if there is a dramatic increase in resources, but this does not mean an exclusive reliance on more money (financial capital), although this is important. Intellectual capital, social capital and spiritual capital are also important. Building strength in each and securing their alignment have profound implications for leadership and governance in schools.