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Comparing things like this between countries is not straightforward. For example, Australia spends $14.1k per student while New Zealand spends $8.6k. That's about 5.2% of GDP for both countries. From those numbers, would we conclude that Australia is overpaying, or New Zealand is underpaying, or that the two countries are comparable?
https://worldpopulationreview.com/country-rankings/education-spending-by-country
Damn, Norway being only 4% of GDP is shocking, because they also pay their teachers well and have great education in general.
I think that goes to my point about simple comparisons being difficult. Norway has a high GDP relative to its size, so 4% might be more than enough for their situation. You also have to account for things like the labor cost of teachers, which varies by country.
Also the sort of things the schools spend money on. I don't know from experience, but I think US schools pay for police officers to be at the school. That seems crazy to me, and expensive.