A coronavirus vaccine could be trialled on people as soon as June, with hopes it could be available for use by 2021.
Researchers at the University of Queensland, The Doherty Institute and CSIRO have been working around the clock since January to come up with a way to prevent COVID-19.
UQ researcher Dr Keith Chappell said the vaccine was looking "extraordinarily good" but there was still a way to go.
"We've been undertaking as much safety testing and animal testing as we can," he said.
Dr Chappell said clinical trials would start in the middle of the year.
Researchers will seek 100 healthy adults to volunteer for the program.
An additional $17 million in funding has enabled the team to fast-track its timeline.
UQ Professor Paul Young said large-scale manufacturing of the drug would take place at the same time as clinical trials, so it could be deployed en masse as soon as the vaccine gets the green light.
"Remarkable times sometimes need radical ideas," he said.
Prof Young said they hoped to have a vaccine available within 12 months, at the start of 2021.
"This 12-month timeline is about as good as we'll get," he said.
Prof Young said other vaccines took years, or even decades, to be developed.
"Many are referring to the possibility of a vaccine within 18 months," he said.
"That would be remarkable, make no bones about that, it has never happened before.
"But a vaccine is required even sooner than this."
The Queensland Government committed $10 million in funding towards the vaccine development, while the Federal Government and the Paul Ramsay Foundation each contributed $3 million.
Australian Associated Press