"We aren't putting all our eggs in one basket and we will continue to pursue further vaccines should our medical experts recommend them,"Mr Morrison said.
"There are no guarantees that these vaccines will prove successful,however our strategy puts Australia at the front of the queue,if our medical experts give the vaccines the green light."
Australia's COVID-19 vaccine portfolio now has two protein vaccines,one mRNA vaccine and one viral vector type vaccine,strengthening its position to access safe and effective vaccines as soon they are approved by authorities.
Both the Novavax and Pfizer vaccines would be made offshore in the United States,Czech Republic,Belgium and Germany.
Opposition health spokesman Chris Bowen said neither of the new vaccine deals would cover the Australian population.
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"We support moves to secure more advance supply deals,but we were late to the party and are barely playing catch up,"Mr Bowen said.
"We know no one vaccine will be a silver bullet,and even if successful,they won't be ready at the same time."
Mr Bowen said the Novavax vaccine deal would,in the first instance,leave five million without access.
He said there were also issues surrounding the Pfizer vaccine,which needed to be stored and distributed at temperatures as low as minus 80 degrees.
"We currently have no capacity to do this. So even if it was ready tomorrow,we couldn't use it. That's a big problem,"he said.
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"So these deals don't cover all Australians,and our supply chain simply is not ready. It's time to catch up,and fast."
Subject to the vaccine being registered by the TGA as safe and effective,preliminary advice from the Australian Technical Advisory Group on Immunisation is that the priority groups for the COVID-19 vaccine are those people who are at increased risk of exposure. They include health and aged care workers,the elderly and those working in services critical to societal functioning.
Federal Health Minister Greg Hunt said"the goal and the expectation is that Australians who sought vaccination will be vaccinated within 2021".
The government is consulting with states and territories,key medical experts and industry peak bodies on the framework for the initial roll-out of the vaccination program early next year.
Key vaccination sites will initially include GPs,GP respiratory clinics,state and territory vaccination sites and workplaces such as aged care facilities.
Mr Hunt said the vaccine would not be mandatory and individuals will maintain the option to choose not to vaccinate.