Football Australia (FA) said the four-year deal would enhance the revenue-sharing model adopted under the last CBA after what the body described as a period of "unparalleled international success" for both national teams.
The Matildas captured the hearts of the nation with their run to the semi-finals of the Women's World Cup on home soil in August, while the Socceroos were similarly feted after reaching the last 16 at the men's showpiece in Qatar last year.
"The new CBA represents a sophisticated economic model that rewards our players in tandem with the growth and commercial success of our national teams," FA chief executive James Johnson said in a news release.
"It's a model that ensures as we scale new heights commercially, our players will share in the fruits of these triumphs.
"This agreement is more than a contract, it's a commitment to progress and a promise that as our revenue base flourishes, so will the opportunities and rewards for our players."
National team players of both sexes will receive enhanced payments on a scaled revenue-sharing model aimed at rewarding success, with 70% coming in match fees and 30% in an annual commercial payment.
The Matildas will get equal treatment to the Socceroos in match preparation, including the option of single rooms at all gatherings and business class flights around the world.
Accommodation for carers accompanying players who are mothers will now be offered for children up to the age of four rather than two.
The agreement also sets aside 5% of the revenue generated by the national teams to fund youth programmes, while FA will make a guaranteed contribution to the Past Players Programme run by the Professional Footballers Australia (PFA).
FA have also committed to developing a human rights policy.
"This agreement will ensure that our national team players have everything they need to excel on the pitch ... and, importantly, allow us to have more impact off the pitch than ever before," said Socceroos midfielder Jackson Irvine, who is president of the PFA.
