From what you wrote it sounds a bit like the Labor version without the cutbacks for the expensive private schools... or not if it's only structural. I don't know.
But if it is Federally administered, it's another layer of bureaucracy, because the states are supposed to manage that themselves. I don't dispute, thorny, that the Carr govt has been pretty pissweak about public schools, but up til this point school buulding and maintenance has been a state responsibility, and any policy designed to shift some of this to the Federal level requires more bureacracy to administer it, as well as being something of a vote grab (is there anything that isn't) by trying to emulate the better received parts of Labor policy. That's how it looks anyway.