"Australians can be confident that the TGA's review process of this vaccine was rigorous and of the highest standard", the TGA said in a statement.
The vaccination roll-out is expected to begin in February.
He noted that a digital system will ensure people receive both doses, but warned that there would be inherit limitations to what the vaccine can do and that the rollout would not guarantee the lifting of border restrictions.
Australia's Department of Health has so far confirmed more than 28,700 cases of COVID-19 since the start of the pandemic, including 909 deaths. "What an extraordinary year it has been over these past 12 months", Mr Morrison told reporters.
He added that it has been a year since the first local case was detected in the country.
"Responding to the vaccine authorization, Prime Minister Scott Morrison said, 'Today's approval is another big step forward for our community, particularly in the protection of our most vulnerable people".
"I spoke last night with the regional and Australian heads of Pfizer and they indicated... that we are likely to have, on their shipping advice which they have now been able to confirm, first vaccines in Australia, ready for distribution in late February", Minister for Health Greg Hunt said in a press conference on Monday.
Mr Hunt said the world had already lost 2.1 million lives, but he believed the real figure was much higher.
A Pfizer COVID-19 vaccine has received Governmental approval for nation-wide release in Australia.
"The TGA has placed safety above all else".
Well, for starters, no one really knows how effective the vaccines will be at stopping transmission of the disease; they're effective in stopping / preventing symptoms, but the disease may still spread.
A nurse prepares a dose of Pfizer-BioNTech vaccine against the new coronavirus to be injected at the Andras Josa Teaching Hospital in Nyiregyhaza, Hungary, Sunday, Jan. 24, 2021.
The gap between each dose of the Pfizer vaccine should be six weeks rather than twelve, according to the British Medial Association (BMA).
Because of the vaccine approval, there's a lot more information available today about what we can expect when getting vaccinated.
People can apply to get the vaccine from Monday.
The first people to receive a jab will be frontline health workers, aged care and disability workers, workers dealing with worldwide arrivals and quarantine and those living in aged care or with a disability.