The Republic's spending on education is the lowest in the EU and below average for the rest of the developed world.

The share of national income devoted to education actually slipped between 1995 and 2006, when the country was enjoying its biggest-ever boom.

Only the Slovak Republic and Turkey spent a lower share of their national income on education than Ireland out of 30 countries covered in the Organisation for Economic Co-operation and Development (OECD) Education at a Glance 2009 report. OECD countries spent an average of 5.7pc of their national income on education in 2006, in the EU the average was 5.5pc and in Ireland it was 4.7pc, down from 5.2pc in 1995.

Education Minister Batt O'Keeffe said yesterday that between 2000 and 2006, total education spending at first and second level was almost three times the OECD average.

Teachers Union of Ireland (TUI) general secretary Peter McMenamin said: "This report highlights how we failed to invest in a strategic and meaningful manner when we were enjoying record budget surpluses."