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Five private schools spent as much on new facilities in one year as 3,000 Australian public schools
(www.theguardian.com)
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Well, if you want to go by HSC results (and many people would consider that the yardstick) then there's many private schools among the top schools, although there's also lots of government selective schools, including the very top 4.
See: https://bettereducation.com.au/results/hsc.aspx
The highest-ranked private schools are probably academically selective in some way too, though, so I wouldn't think we can attribute the results to just the teaching there. And even if they don't, kids of wealthy parents have an academic advantage throughout their education because of factors tied to their parents' wealth (aside from being able to afford private education).
I'd imagine, though, at least some of the vast amounts of cash these schools have must go towards attractive wages for good teachers and more of them (smaller class sizes), and both of those things make a difference.
so there are government selective schools that get higher funding than regular public schools. That seems fair /s
I actually have no idea if government selective schools get more funding.