This opens up supply options in addition to Australia's current vaccine supply agreements with Oxford University/AstraZeneca and the University of Queensland/CSL.
"Whoever finds a COVID-19 vaccine must share it," Health Minister Greg Hunt said in a statement on Wednesday.
"Australia signing up to the COVAX facility is an important part of our commitment to this principle.
"We're giving Australians the best chance of accessing a safe and effective vaccine, but also our neighbours in the Pacific and Southeast Asia, and partners overseas."
The COVAX facility was established by Gavi, the Vaccine Alliance as part of an international vaccine partnership with the Coalition for Epidemic Preparedness Innovations, the WHO and other organisations.
It aims to ensure equitable access to safe and effective COVID-19 vaccines by facilitating purchases, funding access for developing countries and allowing countries to trade or donate doses.
This is Australia's second commitment to the COVAX facility after it donated $80 million in August to the COVAX Advance Market Commitment to provide doses to developing countries.
Eighty countries, including Australia, have joined the COVAX Facility and a further 92 countries are eligible to access vaccines through the Advance Market Commitment.
In addition to individual country allocations, 10 per cent of manufactured doses will be retained by the COVAX facility to address sporadic outbreaks and for humanitarian use.
People in Australia must stay at least 1.5 metres away from others. Check your state’s restrictions on gathering limits.
If you are experiencing cold or flu symptoms, stay home and arrange a test by calling your doctor or contact the Coronavirus Health Information Hotline on 1800 020 080. News and information is available in 63 languages at https://sbs.com.au/coronavirus