Minister for Defence Christopher Pyne said the first submarine would be called HMAS Attack and would enter operational service with the Navy early in the 2030s.
The Attack Class submarines will be delivered as part of the $50 billion SEA 1000 program, which will see Naval Group deliver 12 regionally superior submarines to the Royal Australian Navy.
Naval Group's successful Shortfin Barracuda design, which serves as the basis for the new Attack Class, is a conventionally powered variant of the nuclear powered Barracuda fast attack submarine currently under construction in France for the French Navy.
The Attack Class vessels will begin replacing the ageing Collins Class vessels at a time when 50 per cent of the world's submarines will be operating in the Indo-Pacific region.
"The Attack Class represents the inherent stealth, long-range endurance and lethality of a submarine," said Minister Pyne.
Chief of Navy, Vice Admiral Michael Noonan, said the Attack Class would provide Australia with a regionally superior submarine.
"The Attack Class will meet the Navy’s capability needs and help protect our security and prosperity for decades to come,” said VADM Noonan.
This is the second time the Royal Australian Navy has used the name Attack, with the name previously used for the class of Patrol Boats that served from 1967 to 1985.
"The future submarine project is a major part of the Naval Shipbuilding Plan, and it is appropriate that the class name be established now given the significant effort already underway to introduce this critical capability that will protect Australia’s security and prosperity for decades to come," VADM Noonan said.
"The name Attack along with its motto ‘Never Waver’ captures the tradition of tenacity and determination within the Australian submarine service."
Minister Pyne also confirmed that key negotiations between the Commonwealth and Naval Group as part of the strategic partnering agreement (SPA) had been successfully completed.
"I can also announce the negotiations between the Commonwealth and Naval Group on all key provisions of the SPA have been completed. I congratulate everyone involved in achieving this significant milestone," he said.
Minister Pyne said the SPA would be formally signed in early 2019 and would govern the delivery of the Future Submarines over the decades to come.
"Work on the design of the Attack Class submarines will continue without interruption under the design and mobilisation contract, which was signed on 30 September 2016," Minister Pyne added.
The full range of other activities required to deliver this major program, including the development of the submarine construction yard, and the ongoing engagement of Australian industry to achieve Australian sovereignty, are also continuing.