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We explore whether decentralization of decision-making influences school principals’ subjective experience of autonomy, job demands, burnout, and job satisfaction. Using six-years of longitudinal data, we used two Australian education reforms as a natural experiment of the effect of decentralization. Exploiting state-to-state variation in the policies, we used difference-in-differences models, finding that the decentralization policies had a small influence on increasing self-perceptions of autonomy without increasing job demands. We also found that the policies had a small positive effect on job satisfaction.