Australia has pledged $352 million to a European Commission-led coronavirus vaccine research fund.
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The prime minister stumped up the cash at a fundraising conference attended by world leaders overnight.
Nearly $12.7 billion (EUR7.5 billion) has been raised so far.
"COVID-19 is putting us all to the test and it is a test we are all rising to," Scott Morrison said.
Most of the Australian money will go to local vaccine research projects at the CSIRO, Doherty Institute and the University of Queensland.
Two European research institutes will receive $15 million from Australia to develop a vaccine and diagnostic tools.
Mr Morrison said Australian researchers were already working with international partners to develop a vaccine.
"This is a great shared project by the peoples of the world with a clear purpose to find that vaccine," he said.
The prime minister said Australia's development programs were moving to help local Pacific and Southeast Asian nations to fight coronavirus.
"I know we're all hurting and grieving for what has been lost," Mr Morrison said.
"But out of our grief and sadness comes a strong determination to beat this virus by working together."
Australian Associated Press
