Anthony Albanese has launched an online calculator to promote federal Labor’s childcare policies.

Mr Albanese claims one million families would be better off under his party’s plans for early education.

Labor is promising to lift the maximum subsidy rate from 85 to 90 per cent and increase the taper rate to families earning up to $530,000.

The $10,560 childcare subsidy cap would also be scrapped.

Mr Albanese says the policies will make child care more affordable for 97 per cent of families in the system and remove disincentives for second income earners to work full time.

He says the proposed changes will also remove financial barriers to more than 100,000 families locked out of the system.

“Labor has put forward a plan for cheaper child care that is win, win, win – it is good for parents, good for children, and good for the economy,” Mr Albanese said on Monday.

The opposition is also promising to hold a Productivity Commission review into child care during its first term of government, looking at whether the 90 per subsidy should be universal.

Education Minister Dan Tehan claims families will be slugged with more taxes to pay for Labor’s policies.

Mr Tehan also challenged suggestions families earning more than $530,000 would not benefit.

“Anthony Albanese doesn’t need a calculator to show that under Labor taxpayers will be slugged an extra $28,080 to subsidise the child care costs of a millionaire,” he said.

“You don’t need a calculator to show that Labor’s plan will blow a $6 billion hole in the budget or that under Labor child care fees went up 53 per cent.”

Mr Tehan said the government’s childcare subsidies were targeted at families who needed the most support.