Hooker Tom Youngs will make his Lions Test debut in the front row alongside England international teammate Alex Corbisiero and Adam Jones, the Wales prop.
Flanker Tom Croft will win his fourth Lions cap in the back row alongside captain Sam Warburton and No8 Jamie Heaslip.
Manu Tuilagi is not included in the squad as he continues to recover from the shoulder injury he sustained in the tour match against Queensland Reds
Wales winger George North has passed a fitness test on the hamstring injury he picked up in the win over the Combined Country XV and takes his place on the left wing, with countryman Alex Cuthbert is named on the right.
Leigh Halfpenny, Jonathan Davies and Jonny Sexton win their first caps behind the scrum. Outside centre Brian O'Driscoll is the sole survivor from the last time The Lions played a Test match in Australia in 2001 while scrum-half Mike Phillips featured in the series in South Africa four years ago.
The forward pack contains a wealth of Lions Test experience, with Heaslip, Croft, Paul O'Connell, Alun Wyn Jones and Jones sharing 17 Lions Tests between them.
Head Coach Warren Gatland added: "After six matches we have arrived at the 1st Test and have selected our strongest possible side with only Jamie Roberts,Tommy Bowe and Manu Tuilagi unavailable for selection.
"The Wallabies at home pose a huge challenge but the Test team contains 20 of the players that played against the Waratahs in what was our best match to date. We now have a couple of more days of match preparation to ensure we improve again on that performance."
British & Irish Lions (v Qantas Wallabies, June 22, Brisbane 11.05am BST)
15 Leigh Halfpenny (Cardiff Blues/Wales)
14 Alex Cuthbert (Cardiff Blues/Wales)
13 Brian O'Driscoll (Leinster/Ireland)
12 Jonathan Davies (Scarlets/Wales)
11 George North (Scarlets/Wales)
10 Jonathan Sexton (Leinster/Ireland)
9 Mike Phillips (Bayonne/Wales)
1 Alex Corbisiero (London Irish/England)
2 Tom Youngs (Leicester Tigers/England)
3 Adam Jones (Ospreys/Wales)
4 Alun Wyn Jones (Ospreys/Wales)
5 Paul O'Connell (Munster/Ireland)
6 Tom Croft (Leicester Tigers/England)
7 Sam Warburton (Cardiff Blues/Wales, capt)
8 Jamie Heaslip (Leinster/Ireland)
16 Richard Hibbard (Ospreys/Wales)
17 Makovina Vunipola (Saracens/England)
18 Dan Cole (Leicester Tigers/England)
19 Geoff Parling (Leicester Tigers/England)
20 Dan Lydiate (Dragons/Wales)
21 Ben Youngs (Leicester Tigers/England)
22 Owen Farrell (Saracens/England)
23 Sean Maitland (Glasgow Warriors/Scotland)
Australia, meanwhile, have named three debutants in their squad.
Israel Folau, a former rugby league international who also played Australian football before switching to union, starts his first international fixture on the right wing, Christian Leali'ifano is at inside centre while Ben Mowen starts at blind-side flanker.
James O'Connor starts at fly-half for only the second time in a Test match, with Kurtley Beale on the bench.
The Australia squad features six players who were part of the Wallabies matchday squad that faced Tigers at Welford Road in November 2010.
The versatile Berrick Barnes, who kicked two conversions, three penalties and a drop goal from fly-half that night, starts at full-back.
Pat McCabe, James Slipper and Rob Simmons, who all started the game at Welford Road, are named on the bench for Saturday, as are Saia Fainga’a and Nick Phipps, who were also replacements against the Tigers.
15 Berrick Barnes (NSW Waratahs)
14 Israel Folau (NSW)
13 Adam Ashley-Cooper (NSW)
12 Christian Leali'ifano (ACT Brumbies)
11 Digby Ioane (Queensland Reds)
10 James O'Connor (Melbourne Rebels)
9 Will Genia (Reds)
1 Benn Robinson (NSW)
2 Stephen Moore (ACT)
3 Ben Alexander (ACT)
4 James Horwill (Reds - capt)
5 Kane Douglas (NSW)
6 Ben Mowen (ACT)
7 Michael Hooper (NSW)
8Wycliff Palu (NSW)
16 Saia Fainga'a (Reds)
17 James Slipper (Reds)
18 S Kepu (NSW)
19 Rob Simmons (Reds)
20 Liam Gill (Reds)
21 Nick Phipps (Rebels)
22 Pat McCabe (ACT)
23 Kurtley Beale (Rebels)