cut off for baby bonus is 75k in the six months immediately following birth, non taxable, paid for 26 weeks (13 fortnights)

paid parental leave is a set amount $570 per week. it is taxable, paid for 18 weeks. you can't receive ftbb while receiving it. it is government funded, but honestly not sure how it is all worked out as i'm not trained fully. the aim is to have it paid by your employer, but some people will have it paid by the government directly (a lot of people who have had babies this year are paid by the government - there are changes happening in july i believe to enable more to be paid by employers).

there are specifically trained staff who can answer your questions on this one if you call FAO 136150 (personally, i'd avoid mondays for a general enquiry cos they waits are usually very long lol)

there are estimators online taht will help you decide which option is better for you and your circumstances. make sure you take everything into account (the estimator doesn't) - including the impact on childcare of adding 10k on to your annual income etc