Functional load (FL) quantifies the contributions by phonological contrasts to distinctions made across the lexicon. Previous research has linked particularly low values of FL to sound change. Here, we broaden the scope of enquiry into FL to its evolution at higher values also. We apply phylogenetic methods to examine the diachronic evolution of FL across 90 languages of the Pama–Nyungan (PN) family of Australia. We find a high degree of phylogenetic signal in FL, indicating that FL values covary closely with genealogical structure across the family. Though phylogenetic signals have been reported for phonological structures, such as phonotactics, their detection in measures of phonological function is novel. We also find a significant, negative correlation between the FL of vowel length and of the following consonant—that is, a time-depth historical trade-off dynamic, which we relate to known allophony in modern PN languages and compensatory sound changes in their past. The findings reveal a historical dynamic, similar to transphonologization, which we characterize as a flow of contrastiveness between subsystems of the phonology. Recurring across a language family that spans a whole continent and many millennia of time depth, our findings provide one of the most compelling examples yet of Sapir’s ‘drift’ hypothesis of non-accidental parallel development in historically related languages.