This study examines the relationships among student socioeconomic status (SES), school SES, and academic achievement using data from the 2003 Programme for International Student Assessment (PISA) for Australia. The study finds that increases in the mean SES of the school are associated with increases in a student's academic achievement and that this relationship is similar for all students regardless of their individual SES. The article concludes with a discussion of policy implications and possible strategies for mitigating the influence of school socioeconomic composition on student outcomes.