question: The COVID-19 pandemic produced widespread disruption to schooling, impacting 90% of the world's students and moving entire school systems to remote and online learning. In the state of New South Wales, Australia, most students engaged in learning from home for at least eight weeks, with subsequent individual and intermittent school closures. However, while numerous claims have circulated in the popular media and in think tank reports, internationally, about the negative impacts on learning, there is limited empirical evidence of decreased student achievement. Drawing on data from more than 4800 Year 3 and 4 students from 113 NSW government schools, this paper compares student achievement during 2019 and 2020 in a sample of matched schools to examine the effects of the system-wide disruption. Somewhat surprisingly, our analysis found no significant differences between 2019 and 2020 in student achievement growth as measured by progressive achievement tests in mathematics or reading. A more nuanced picture emerges when the sample is examined by dis/advantage (ICSEA) and Year level. The Year 3 cohort in the least advantaged schools (ICSEA < 950) achieved 2 months less growth in mathematics, while the Year 3 students in mid-ICSEA schools (950-1050) achieved 2 months' additional growth. No significant differences were identified for Indigenous students or students located in regional locations. These results provide an important counter-narrative to widespread speculation about alarming levels of 'learning loss' for all students. While the lower achievement growth in mathematics for Year 3 students in lower ICSEA schools must be addressed as a matter of urgency to avoid further inequities, most students are, academically, where they are expected to be. Our findings are a testament to the dedicated work of teachers during the 2020 pandemic to ensure that learning for most students was not compromised, despite unusually trying circumstances.