Can my school is observe my macbook at home? is this illegal? (In Australia)

In the school i got to they install a software on our MacBooks to monitor them this is meant to only be used at school and we have been told that they only use this software while we are at school but recently i've been seeing the words "You Are Being Observed" in the menubar the MacBooks are student owned the parents have signed a contract that said they will observe the MacBooks at school but now they have been …

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