I'm not sure of .au law, but in the USA the kid (and by extension, his/her parents if it's a minor) would be on the hook for a federal felony and damages under UCC 1340 as well as other laws.
While it might be above your pay grade, track your time and effort on the recovery and suggest the school bill the parents for recovery time.
Stupidity and criminal activity should be made as painful as possible.