Leicester Tigers prop Cole will win his 41st England cap when he lines up against the Wallabies at Twickenham. He is joined in the front row by Tigers teammate Tom Youngs, who will win his 10th cap.
Toby Flood, the most experienced member of the matchday squad, is named among the replacements and is in line to make his 58th Test appearance. He is joined on the bench by Ben Youngs, who could earn his 34th cap.
Geoff Parling was ruled out of the game earlier this week with mild concussion sustained in training. He is expected to be available for next weekend.
England give a Test debut to Saracens centre Joel Tomkins. His Sarries teammate Billy Vunipola and London Irish win Marland Yarde, who both won their first caps in Argentina in June, make their first starts at Twickenham. Lee Dickson partners Owen Farrell at halfback.
Head coach Stuart Lancaster said: “I’m delighted for Joel. He has had a great week’s training and is ready for his chance.
“Billy Vunipola and Maland Yarde made a big impression in Argentina and it’s going to be a special occasion for them to run out at Twickenham in front of 82,000 passionate supporters for the first time.
“We are looking forward to the challenge of playing Australia – they have made great strides under Ewen McKenzie and their new coaching team and they are formidable opponents.”
England (v Australia, QBE International, Saturday, 2.30pm, Twickenham Stadium, Sky Sports 2)
15 Mike Brown (Harlequins, 18 caps)
14 Chris Ashton (Saracens, 34 caps)
13 Joel Tomkins (Saracens, uncapped)
12 Billy Twelvetrees (Gloucester Rugby, 5 caps)
11 Marland Yarde (London Irish, 1 cap)
10 Owen Farrell (Saracens, 16 caps)
9 Lee Dickson (Northampton Saints, 9 caps)
1 Mako Vunipola (Saracens, 9 caps)
2 Tom Youngs (Leicester Tigers, 9 caps)
3 Dan Cole (Leicester Tigers, 40 caps)
4 Joe Launchbury (London Wasps, 11 caps)
5 Courtney Lawes (Northampton Saints, 22 caps)
6. Tom Wood (Northampton Saints, 20 caps)
7 Chris Robshaw (Harlequins, capt, 17 caps)
8 Billy Vunipola (Saracens, 2 caps)
16 Dylan Hartley (Northampton Saints, 47 caps)
17 Joe Marler (Harlequins, 12 caps)
18 David Wilson (Bath Rugby, 28 caps)
19 Dave Attwood Bath Rugby, 4 caps)
20 Ben Morgan (Gloucester Rugby, 12 caps)
21 Ben Youngs (Leicester Tigers, 33 caps)
22 Toby Flood (Leicester Tigers, 57 caps)
23 Ben Foden (Northampton Saints, 32 caps)