Australian High Commission official Benedict David said Australia and Papua New Guinea were close friends and would always look out for each other in times of need.
"Under the leadership of Minister Temu and the Department of Health, this additional support will help protect PNG's children from polio and other childhood illnesses."
PNG's government has spearheaded a vaccination campaign and Temu thanked the many health workers and communities who had supported the government's efforts to vaccinate every child in the country from this potentially deadly disease.
The High Commission says low rates of routine immunisation have led to recent outbreaks of preventable diseases such as polio, measles, and whooping cough.
"In partnership with the World Health Organisation, United Nations Children's Fund and the US Centres for Disease Control and Prevention, Australia's contribution will support the National Department of Health's emergency polio campaign."
It adds that longer term Australian support will help to increase routine immunisation rates to avoid future outbreaks.
At the launch, WHO's representative in PNG Dr Luo Dapeng said: "Together, the international community in PNG can help support the government to ensure a better future for Papua New Guinean children."