There are two narrow routes, and both are narrower than they look. One covers a transport provider the school has engaged, tracking your child's location for her safety, on the way to and from school. The other covers working out a child's live location where the tracking is limited to her safety, protection or security, and that one is not tied to the school run.
Neither is a permission to track. They only remove the need to ask you first. The school still needs a proper reason to be tracking at all, and neither route covers tracking for something unrelated, or keeping the location history once the safety reason has passed.
ACT · Sections 4, 9(1) and 9(3); RULES · Fourth Schedule Part A item 5, and Part B item 4.