The government should increase taxes on the rich and divert the proceeds to paying super on parental leave, HESTA chief executive Debby Blakey has said, while endorsing Treasurer Jim Chalmers’ new brand of capitalism.

Ms Blakey, whose fund is 80 per cent female and heavily skewed towards workers in the care sectors, said super balances should be capped at $5 million, and the division 293 tax, which targets high-income earners, should be lowered to capture workers earning $180,000 and above.