"The modified format was developed following a strong message from fans that one-day cricket is their favourite format but it needs refreshing to retain that status," said CA Chief Executive Officer James Sutherland.
"We have listened to the public, undertaken comprehensive consultation across Australian cricket and developed a format which we now want to test thoroughly this summer," he added.
The new format includes 45 overs per team with split innings of 20 and 25 overs, a maximum of 12 overs by any one bowler and 10 wickets per team and 12 players per team (teams can bat any 11 of the 12 and field any 11 of the 12) among other changes.
The format would allow a maximum of two bouncers per over and a new ball from each end at the start of the innings. There won't be any replacement new balls or power plays.
As for the fielding restrictions, only two fielders would be allowed outside the circle between the first and fifth over and the 21st to 25th overs, while four would be allowed between the sixth and 20th over and 26th and 45th over.
The new format will be played in all 31 matches of the inter-state national one-day cup.
"Match points will include one point for a first innings lead which is retained even if the side leading then eventually loses, and four points for a win, with five points if a team leads at the first innings and subsequently wins," the CA statement read.
The final format was approved by the Board on the recommendation of CA's Playing Conditions Committee which met on Wednesday night.
Voting members of the CA Playing Conditions Committee are Jack Clarke (Chairman), Mark Taylor, Matthew Hayden, Greg Chappell, Shane Warne, who was absent, and Paul Marsh.
Sutherland said the new format was designed to encourage players to combine strategic thinking with attacking cricket.
"The public told us to act and we have," he said. "The fans told us, through formal research, that they like all three formats, there is a place for three cricket formats, they like ODI cricket best, but they want to see it refreshed and they want to see it with a short-form identity that is distinctively different from fast-emerging Twenty20 cricket.
"Cricket does not always like change and I confidently predict plenty of public discussion over summer -- but we need to do something to refresh the world's most popular format, have listened to the public, consulted throughout cricket, and now want to give this format a thorough trial to test it out before longer term assessment about whether this might become an international format," he added.
The revamped format had been earlier criticised by senior Australian players such as Michael Hussey, who felt this would adversely affect the Aussies' preparations for the 2011 World Cup in the sub-continent.