Veteran prop Allan Alaalatoa will become the third captain in three weeks, starting in the front-row alongside rookies Isaac Kailea and Billy Pollard.
The trio are among 10 changes to the starting side as Schmidt rotates his squad after the tough 2-0 series sweep over Wales.
Fraser McReight, Rob Valetini, Hunter Paisami, Filipo Daugunu and Tom Wright are the only remaining faces in the starting 15 from last week's second Test win against Wales.
Having taken over the role at last year's World Cup, Ben Donaldson gets his first shot as starting playmaker under Schmidt, replacing Noah Lolesio who drops to the bench.
He'll play alongside World Cup halfback Tate McDermott, who takes over from Jake Gordon after the Waratahs skipper impresssed in both outings against Wales.
Melbourne Rebels winger Darby Lancaster will debut as he continues his breakout season since moving from the Sevens program. He is one of four players on starting debut alongside Kailea, Pollard and lock Angus Blyth.
Lock Nick Frost, No.8 Harry Wilson and centre Len Ikitau will play their first Tests of the year, with Frost partnering Blyth whilst Wilson joins McReight and Valetini in the back row.
Ikitau has recovered from a hamstring injury and partners Hunter Paisami in the centres.
Queensland Reds prop Alex Hodgman is in line for his Wallabies debut off the bench, set to become the fourth player to play for both New Zealand and Australia.
Hodgman's Reds teammates Josh Nasser and Zane Nonggorr are the front-row replacements, with Tom Hooper set for his first game of the season.
Alaalatoa takes over as skipper after Liam Wright then James Slipper captained the side against Wales.
"Georgia have proven to be a very tough team to play as demonstrated by their wins against Italy and Wales in recent years, as well as their victory last week in Japan," Schmidt said.
"They have added some very exciting backs to their traditional forward strength and challenge opponents across the park."
Wallabies:-
1. Isaac Kailea, 2. Billy Pollard, 3. Allan Alaalatoa (c), 4. Nick Frost, 5. Angus Blyth, 6. Rob Valetini, 7. Fraser McReight, 8. Harry Wilson, 9. Tate McDermott, 10. Ben Donaldson, 11. Darby Lancaster, 12. Hunter Paisami, 13. Len Ikitau, 14. Filipo Daugunu, 15. Tom Wright. Res: 16. Josh Nasser, 17. Alex Hodgman, 18. Zane Nonggorr, 19. Tom Hooper, 20. Jeremy Williams, 21. Nic White, 22. Noah Lolesio, Andrew Kellaway.
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