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By the end of 2021, more than 168 million students across the globe had missed a year of face-to-face schooling due to the COVID-19 pandemic. In NSW, Australia, most students engaged in learning from home for eight weeks during 2020 and a further 14 weeks during 2021. This study provides robust empirical evidence on how two years of disruptions to schooling affected student learning. Drawing on matched data for 3,827 Year 3 and 4 students from 101 NSW government schools, this paper compares student achievement growth in mathematics and reading for 2019 (pre-pandemic) and 2021 (second year of the pandemic) student cohorts. While overall there was no significant difference between cohorts, when analysed by socio-educational advantage, we were surprised to find that students in the lowest band achieved approximately three months' additional growth in mathematics. Arguably, grave concerns about the potentially dire impact of COVID-19 on the learning of disadvantaged students were met by investments that made a difference. We argue that targeted funding and system-wide initiatives to support more equitable outcomes should remain a priority after the pandemic if Australia is to meet its aspirations for excellence and equity. [ABSTRACT FROM AUTHOR]