High priority groups could receive their COVID-19 jabs as early as next month as the government brings forward its vaccination rollout schedule.
Both vaccines are already being distributed in the UK.
The government of Australia has signed an advanced agreement to purchase 51 million doses of Novavax Inc's experimental COVID-19 vaccine, the company disclosed in a regulatory filing on Thursday.
"It is moving considerably faster than normal vaccine approval processes but without skipping a step, without cutting a corner", he said.
Hotel quarantine workers, frontline health care workers, aged and disability care staff and residents will be the first priority group to get the Pfizer vaccine from mid-to-late February, pending approvals and logistics, while the majority of Australians are likely to get the AstraZeneca jab.
The Pfizer vaccine would require a second dose within a couple of weeks to a month.
Despite not being part of the priority groups that would receive the vaccine in the early stages, the Prime Minister, Health Minister, Opposition Leader Anthony Albanese and Shadow Health Minister Chris Bowen will all receive the jab near the beginning of the rollout.
The Morrison Government now expects emergency approval of the vaccination to be finalised in late January allowing the vaccine to be imported and batch tested.
More than 35,000 Australians have registered their intention to return but Morrison said the number allowed back would be reduced by almost half until mid-February, given the danger of the new variant.
"COVID-safe practices must continue".
"Remember we are manufacturing this onshore so we have [a] guaranteed supply line of this vaccine", he said.
Department of Health Secretary and former chief health officer Brendan Murphy said vaccinations would be ramped up once this second vaccine was approved.
"The vaccine is only released post-approval", Mr Morrison said, noting that delivery was a delicate operation for a vaccine that had to be stored below -70C.
But the Prime Minister stressed it was a "target" and that the goal was to have four million people vaccinated by the end of March.
"We want to make sure everything is set to go, so when we start vaccinating we have a well-oiled machine", Professor Murphy said.
Asked on Thursday if he would consider getting the vaccine live on television, Morrison said he believed it was "important" to do so.
Pressed further by journalists, the prime minister refused to say if a legal direction to get vaccinated would apply to quarantine workers or aged care residents. It will still be a fight over the course of 2021 but this will add a very significant further defence and offence I should in combatting the virus around the world, ' he said.