Using discursive policy analysis, we analyse recent Australian childcare policy reform. By examining the policy framings of two successive governments and a childcare union, we demonstrate how the value of care work was strategically positioned by each of the three actors, constructing differing problems with different policy solutions. We argue that women's care work was recognised by one government as valuable and professional when it aligned with an educational investment framing of enhanced productivity. This framing was capitalised upon by a union campaign for 'professional' wages, resulting in a government childcare worker wage subsidy. However, prior to implementation, a change of government re-framed the problem. The new government cast mandatory quality standards as placing unnecessary financial pressure on families and business. Within this frame, the remedy was to instead subsidise employer staff-development costs without increasing workers' wages. (author abstract)