Hooper, 25, will take over from Stephen Moore, who officially stepped down from the role last week.
Hooper has played 68 Tests in his career thus far and will officially lead the national team as captain for the first time in Australia’s Bledisloe Cup opener against New Zealand on August 19 in Sydney.
“It’s a huge honour to just wear the Wallabies jersey, let alone captain the side,” Hooper said on Wednesday afternoon.
“I’m extremely grateful to Cheik (coach Michael Cheika) but also to Steve for all that he’s done for me and the team.
“It’s what you do in the jersey that’s most important and I get another crack at showing what it means to me against New Zealand in Sydney in a fortnight.
“There are quite a few good young leaders in this team like Bernard (Foley), Adam (Coleman), Samu (Kerevi) and Allan (Alaalatoa), so we’ll be working together to take this team to a new level.
“I’m really excited about what we can achieve in the next four months.
“It is a very special opportunity for all of us, and we’ll be doing all we can to show that pride in the jersey.”
Hooper has twice been awarded the John Eales Medal as Australia’s player of the year.
His two vice-captains will be announced when the Rugby Championship squad is revealed this Friday.