It wants our focus in business and education to concentrate firmly on our fast-growing Asian neighbours, and for all school children to learn Asian languages.
The plan's backers argue it's both noble and logical, but the critics argue it's unachievable.
So where does the truth lie?More stories from Today Tonight
Visionary or overly ambitious, education is a key plank in the Prime Minister's plans to 'Asianise' the Australian economy while giving all students access to at least one priority Asian language - Mandarin, Hindi, Bahasa Indonesian and Japanese.
But critics like former teacher and education expert Dr Kevin Donnelly worry about what will be sacrificed in a bid to embark on bold plans.
"I'd give the white paper a three out of ten," Dr Donnelly said.
"Really, if we don't have the basics right in English, then how can we expect young children to learn another language when they don't have the ability to even learn their own native language properly?"
When it comes to the basics, Australia is heading in the wrong direction. The latest international results show over a nine year period: Australia has dropped from fifth place to fifteenth in maths, from fourth to ninth in reading, and in science we've gone from seventh to tenth.
Dr Donnelly also questions how the proposed overhaul would be implemented when our education resources are already stretched.
"Governments have been banging on about it for over twenty years, but it has never been done. We don't have the money, we don't have qualified teachers," he said.
Executive Director of the Asia Education Foundation, Kathy Kirby, says we must align ourselves with Asia to be successful on the world stage.
"What I think about is the five-year-olds who started school in Australia today. By the time they leave school in 2025 they'll be entering a workforce where China and India will be the major global economies and it's schooling's job to equip our young people for the future," Kirby said.
"There are objectives set in there to make sure that every Australian child, from the moment they enter school, has the opportunity to learn about Asia - Asian languages, Asian histories and Asian geographies and cultures.
"There's also an objective there to help every Australian school with a partner school in Asia so that they can actually get to know people in the region and forge friendships," Kirby said.
And it appears we can learn a lot from our Asian neighbours. The average student in Shanghai is more than two years ahead of Australian children in maths, and more than a year in front in reading and science.
It's a result highlighted in Today Tonight's recent tests in spelling and mathematics skills across the generations.
In spelling, Baby Boomers - those aged 50 and above were 75 per cent correct. 30 to 49-year-olds - Generation X - scored 65 per cent, and the under 29's - or Generation Y - scored 60 per cent.
The maths results were similarly concerning - Gen Y barely passed with a score of just 52 per cent.
"Every meeting I've been to it's English that's generally the international language of business and education. This idea everybody has to learn a language, the reality is you can work in Asia without it. Make sure our children know enough about Australia before they move on to learning about Asia," Dr Donnelly said.