When the Prime Minster, Julia Gillard, announced her ambitious goal for Australia to be ranked in the top five countries in reading, mathematics and science by 2025, she was referring to international PISA rankings, which test national samples of 15-year-old students. These results will be known in December 2013. Meanwhile, two more curriculum-based assessments - TIMSS and PIRLS - released late in 2012 indicate that Australia faces a huge challenge if it is to achieve the PM's goal. In late 2010, over 6000 Year 4 students and more than 7500 Year 8 students participated in the TIMSS and PIRLS assessments. TIMSS revealed that Australian students were significantly outperformed by 6- 18 countries at both year levels in all disciplines. In the PIRLS study, Australian Year 4 students were outperformed by their peers in 21 countries. Overall, Australian students performed at a level between intermediate and high, but both studies show a substantial tail of underperformance at both year levels and in all subject areas. This article examines the study results and statistics, and analyses reasons for low achievement: socioeconomic background, the number of books in the home, negative attitudes of students, parent attitudes towards reading, school environments, and resources to support learning. Means are suggested for addressing the inequities evident in Australian educational systems and school climates necessary to lift the achievements of lowest-performing students - in many cases the most underprivileged students in Australian society. To reach this goal will require a well-planned and co-ordinated effort on the part of governments, education systems, schools, parents and the broader community.