Fijian-born Speight was included in the squad last week despite not becoming eligible to play for Australia on residency grounds until Sept. 11, halfway through the tournament.
The tackle-busting winger sustained the injury in the second half of the ACT Brumbies' Super Rugby semi-final defeat to the New South Wales Waratahs last Saturday.
"It's disappointing for Henry but I've got no doubt that he'll go back and work hard during the rehab process to get his injury healed before he becomes eligible to play for Australia," Wallabies coach Ewen McKenzie said in a news release.
"On the flip side, we bring in a guy in Peter Betham... He's a quality team member on and off the field and will be determined to make the most of the opportunity he has been given."
Betham, who won his only cap against New Zealand last year, has missed the Waratahs' run to the Super Rugby final because of a broken foot but is still in the frame for a place on the bench for Saturday's match against the Canterbury Crusaders.
Australia open their Rugby Championship campaign with back-to-back tests against world champions New Zealand, in Sydney on Aug. 16 and Auckland a week later.
(Reporting by Nick Mulvenney; Editing by John O'Brien)
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