We modelled patterns of collaboration, team gender composition, and funding amounts across awarded Australian government-funded competitive team research grants from 2000–2020. Among mid- and senior-career researchers, the percentage of grants awarded to women was higher for team grants than sole investigator grants compared to men at those levels. Teams led by women tended to have a greater percentage of women co-investigators than teams led by men, but this was below gender parity regardless of team leader gender. These patterns persisted across all levels of the team leader's career seniority. Funding amounts per grant did not differ by principal investigator gender and reached parity in 2020 across teams with both low and high representation of women, marking a shift from historical trends whereby teams with mostly women received less funding per grant than those with mostly men. Since teams tend to be more gender-balanced when led by women, women’s grant leadership may be an important mechanism for shifting the overall representation of women in research. We offer public policy measures to address gender equities in the research sector.