Billions will be set aside in Tuesday’s federal budget for massive pay increases in aged care and childcare as well as the recent decision to pay superannuation on parental leave, which alone will cost more than $600 million a year.

Under the banner of the budget being good for women, Treasurer Jim Chalmers revealed the long-awaited application of super to parental leave from July 2025 would cost $1.1 billion over four years, and then $623.1 million a year after that.