Ms Boden, 28, was killed running to help other victims
One of the victims was identified as Kirsty Boden, a 28-year-old nurse from South Australia, who was confirmed dead on Tuesday.
The other victim has not been named.
Australian foreign minister Julie Bishop said: “The Australian Government is deeply saddened to confirm that two Australians have been killed in the London terrorist attack.
“The Australian Government has remained in close contact with the families who have requested privacy."
Ms Boden was from Loxton, a town around 155 miles from Adelaide, and had been working in Britain as a senior staff nurse in Theatres Recovery.
A vigil was held in London Monday to remember the victims London Bridge terror: Scenes as armed police respond Sun, June 4, 2017
At least two people have died after being after reportedly being struck by a van on London Bridge on Saturday night.
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Armed police responding to the incident at London Bridge
Her family said she died running towards the danger to help victims on the bridge.
Their statement said: "Kirsty was loved and adored by her family, friends and boyfriend.
"She was the most outgoing, kind and generous person who loved to help people.
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Seven people were killed in the attack London terror raids Sun, June 4, 2017
Police have raided a block of flats in Barking in connection with last night's London Bridge terror attack.
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As police continue their investigations following the June 3 terror attacks, a block of flats in Barking is raided for possible suspects
"We are so proud of Kirsty's brave actions which demonstrate how selfless, caring and heroic she was, not only on that night, but throughout all of her life.
“Kirsty – we love you and we will miss you dearly."
Seven people were killed in the van and knife rampage carried out by warped jihadis Khuram Butt, Rachid Redouane and Youssef Zaghba.
Police fear an eighth person, French national Xavier Thomas, who is still missing, could have been killed after falling into the River Thames.