"I am going to have to work hard and learn quickly but I am up for the challenge," said Cheika, who becomes the Wallabies' third coach in 15 months.
He arrives with the team mired in controversy over the Kurtley Beale texting affair and with many supporters disillusioned by the off-field drama along with some disappointing recent results on the field.
He promised to give supporters performances to be proud of.
"Any time I am involved with a team it's expected that supporters are proud of their efforts every time they play," said Cheika.
Cheika declined to discuss the future of his NSW Waratahs star Beale, who has been stood down and faces a hearing on Friday.
"I won't be answering any questions on that today...I don't want to prejudice anything that's going to happen with Kurtley in any way," said Cheika.
The ARU has come in for criticism over the delay in the appointment, with the Wallabies scheduled to fly out on Friday.
"It's probably my fault more than anyone's because I wanted to make sure there was a lot of clarity," said Cheika.
He believed there was plenty of scope to improve the team ahead of the World Cup.
"There's a lot of players that still need to rise to their full potential and that's the job of the coach."
Despite recent speculation about the blunt-speaking Cheika's relationship with ARU bosses, he said he was ready to work with them.
"There's been a few reports about my relationship with people at the ARU..and I think that's borne more out of me wanting to do the best for the Waratahs in my negotiations with the ARU," said Cheika.
"I won't make any excuses for fighting for my team (Waratahs)."
Cheika will head a three-man coaching set-up on the Europe tour with his NSW Waratahs defence coach Nathan Grey called in and joining incumbent forwards coach Andrew Blades.
Melbourne Rebels loose forward Sean McMahon and Western Force prop Tetera Faulkner are bolters among five uncapped players named in the 33-man Wallabies tour squad.
The others yet to play for Australia are Western Force centre Kyle Godwin, Brumbies winger Henry Speight and Melbourne Rebels winger Tom English.
New wallabies coach Michael Cheika
Age: 47
Playing career: Sydney club Randwick (1985-1999): Played more than 300 games as No.8, winning seven Shute Shields and captaining the Galloping Greens from 1997-99.
Coaching career: Padova, Italy (1999-2000); Randwick (2002-2004): won Sydney premiership in 2004; Leinster, Ireland (2005-2010): led club to its first Heineken Cup title in 2009; Stade Francais, France (2010-2012); NSW Waratahs (2013-14): led the Tahs to their long-awaited first Super Rugby title in 2014; Australia (2014-): Assumes Wallabies job following Ewen McKenzie's resignation on Saturday.
-AAP
