In some ways, I think Schoolies Week is a bit worse than Spring Break. At least in the States, Spring Break is full of college students who have been starting to learn how to do life on their own. They're failing, because a lot of life is still taken care of for them, and they have other priorities than, say, laundry and hygiene, but at least they are dealing with a little bit of responsibility along with their freedom in their daily lives.
Schoolies Week, by contrast, is full of high school students who are out on their own for the first time ever. They haven't learned anything yet except what they've been taught in school (algebra, Shakespeare and dissecting frogs) and now they're out on their own for a week, unsupervised. That's not a celebration, it's Lord of the Flies.
Mokalus of Borg
PS - Keep in mind, however, that I've never experienced Spring Break for myself.
PPS - And my Schoolies Week was remarkably tame.