Investment banker Brad Orgill said cases which have been brought to light by The Australian and other media "will be a good starting point".

Deputy Prime Minister Julia Gillard earlier announced the formation of the $14 million taskforce to ensure taxpayers are getting value for money out of the stimulus program.

"We want to make sure the money spent in this program is spent wisely and well," Ms Gillard said today.

"The community rightly wants value for money from the dollars invested. I want value for money for the dollars invested. So constant vigilance requires further action," she said.

Julia Gillard (left) announces the creation of a taskforce to weed out rorting of the schools stimulus building program. Picture: AAP

But Ms Gillard remained unconvinced practices of over quoting and fraudulent behaviour were widespread.

"The results of investigations to date do not lead the Commonwealth to believe there are widespread practices of over quoting, over charging or fraudulent or corrupt behaviour but with an investment of this scale… the Government believes the establishment of the Taskforce is a prudent step," she said.

Ms Gillard said the taskforce would have the power to refer criminal breaches to authorities and conceded it was inevitable people would take advantage of the scheme because of "human nature".

"We’re talking about a program involving 9,500 schools and 24,000 projects. Now in a program of that size human nature is such that someone somewhere will try and take advantage of this investment," she said.

Setting out the terms of reference for the taskforce Ms Gillard said it "will receive, investigate and respond to complaints regarding the full operation of BER (Building the Education Revolution) including individual school projects".

"In particular it will do so by referring complaints or evidence of potential breaches of the law, regulations or guidelines to the appropriate authority for action."

Ms Gillard said the program still had another two and a half years to run and that "any allegation made at any time must be investigated".

The she said the program was an "important investment for our country" and that it was critical in saving Australia from entering recession during the global financial crisis.

The taskforce is charged with producing a public report every six months, while an initial report from Mr Orgill will be delivered after three months detailing the list of complaints received, the actions taken to investigate complaints and the audits undertaken.

"This opportunity to be involved, to ensure that the money spent has been spent with maximum efficiency is something I very much welcome," said Mr Orgill today.

"I look forward very much to getting out and talking to principles and some of the schools if not all of the schools very quickly who have been highlighted with complaints or problems as a result of this program."