Health Minister Greg Hunt said Australia is on track to have the majority of the population vaccinated against Covid-19 by October.
"The commencement remains on track for February, as the Prime Minister has said. The completion remains on track for October," he said.
The two-dose regimen could not be imported into Australia until it was approved by the TGA and today's announcement means millions of doses of the drug can now be shipped from overseas.
When it arrives, a rapid phase of final batch testing will commence before the rollout begins.
In a statement, the TGA said provisional approval of this vaccine is valid for two years.
"The TGA has granted provisional approval to Pfizer Australia Pty Ltd for its Covid-19 vaccine, COMIRNATY, making it the first Covid-19 vaccine to receive regulatory approval in Australia," it said.
"Following a thorough and independent review of Pfizer's submission, the TGA has decided that this vaccine meets the high safety, efficacy and quality standards required for use in Australia."
Careful monitoring of the vaccine and any side effects will continue as the rollout commences.
"Australians can be confident that the TGA's review process of this vaccine was rigorous and of the highest standard," the TGA said.
"The decision to provisionally approve the vaccine was also informed by expert advice from the Advisory Committee on Vaccines (ACV), an independent committee with expertise in scientific, medical and clinical fields including consumer representation.
"The TGA will continue to actively monitor the safety of the Pfizer vaccine both in Australia and overseas and will not hesitate to take action if safety concerns are identified.
"As an extra check, the TGA laboratories will undertake batch assessment of each batch of the vaccine before it can be supplied in Australia."
Outlining the road map for the rollout earlier this month, Prime Minister Scott Morrison revealed the timetable had been brought forward from March.
In a statement, Pfizer told news.com.au that the logistics of the rollout will be co-ordinated by the Morrison Government.
"During the initial pandemic stage, our contracts are with the Government, and we will provide doses according to the Government's preferred channel and designated locations," a spokeswoman said.
"Our role is to ensure that, if our vaccine candidate is authorised for use, we supply our vaccine doses through a robust process, consistent with the agreement we've entered into with the Australian Government."