After four decades of declining fertility, Australia introduced a suite of pronatalist policies starting in 2004, including a baby bonus, family tax benefits, child care subsidies and paid parental leave. This paper analyzes the effects of these policies on fertility, labor supply and child care choices over the life cycle. To do so, it develops and estimates a dynamic life-cycle model of couples' labor supply, fertility and child care decisions that allows for rich heterogeneity across and within couples, the risk of divorce, and all of the pronatalist programs at their legislated year-by-year schedules. Model parameters are estimated by Simulated Method of Moments using HILDA data. Counterfactual simulations show that the ongoing Family Tax Benefit and the childcare subsidy account for most of the policy bundle's effect on completed fertility, while the one-off Baby Bonus has no detectable effect. The instruments are also substitutes rather than complements: each adds less to fertility within the existing bundle than it would on its own.