It's an historic between the state and the federal government  that the government believes will deliver long term improvements for every one of the 81,000 school students in Tasmania.

 Premier Lara Giddings was joined by new Federal Education Minister Bill Shorten and his Tasmanian counterpart, Nick McKim, to sign the agreement in Hobart at 3pm today.

Tasmania is the fourth jurisdiction to get on board after NSW, the ACT and South Australia signed up to the so-called Gonski reforms championed by then prime minister Julia Gillard.

The rebadged Better Schools reforms would see a base level of funding allocated for each school student, to be topped up with ''loadings'' targeting disadvantage, from next year.

The federal government has argued the reforms would see an extra $15 billion in combined state and federal money flow into schools around the nation over the next six years.

Funding will be targeted on lifting school performance and giving each and every student in Tasmania a world-class education, no matter where they live, the school they attend or their family background.

The Heads of Agreement that provides the detail of this reform for Tasmania which will see annual funding allocations for Tasmanian schools rise to $1.4 billion in 2019.

 Over the six years of the new agreement, the Australian and Tasmanian Governments will invest more than $380 million in extra funding between 2014 and 2019.

 These indexation arrangements mean all schools in Tasmania – Government, Independent and Catholic – will see fair funding growth each year.