The policy came into effect on July 1 and covers Australian players who have state, national or Big Bash contracts.
"The policy is a game-changer for players planning for the future while providing job security," Australia cricketer Alyssa Healy was quoted as saying in a CA media release.
"With the playing and travel demands on cricketers, I'm pleased this policy provides support to players, so if they choose to, can both care for their child and participate in the game."
Drew Ginn, the Executive General Manager of High Performance at Cricket Australia, said: "High performance sport is anything but a normal work environment and our policies for our players need to reflect this.
"The job is physical, the hours irregular and 100 per cent commitment is expected at all times. This is why we've developed such a tailored policy taking into consideration all player and key stakeholder feedback.
"This policy is the combination of three years of collaboration within Australian Cricket, the ACA and the players, and we're delighted with the outcome," said Clea Smith, General Manager of Member Programs at the Australian Cricketers' Association.
"The policy is designed to keep female players in the game for longer which will have a positive impact at all levels of the game."