Prime Minister Tony Abbott said the objects have been located by an Australian P3 Orion aircraft about 2500km south-west of Perth on the 17th day of the multination search operations.
Abbott told Parliament the first object was grey or green and circular and the second was orange and rectangular.
Abbott said it was not known whether the objects were from Malaysia Airlines Flight MH370, and could be flotsam.
Malaysia also confirmed the news with Prime Minister Najib Razak tweeting, "Just received a call from Australian PM @tonyabbott -2 objects were located & will be retrieved in the next few hours."
The objects identified by the RAAF Orion are separate to the objects reported by the Chinese Ilyushin IL- 76 earlier today.
The objects reported by the Chinese were also within today's search area. The US Navy P8 Poseidon aircraft sought to relocate the objects reported by the Chinese aircraft but were unable to do so.
Malaysian Defence and Transport Minister Hishamuddin Hussein two unidentified orange objects and a white drum had been sighted but had no other details.
Emphasising that search for Boeing 777-200 will continue, Hishamuddin said 18500 sq nautical metres had been searched so far and the Air France crash team working closely with Malaysia.
He said police have interviewed more than 100 people, including families of both the pilot and co-pilot.
"As far as the transcript is concerned, the technical committee is considering releasing it," he said.
The hunt for jet - that disappeared from radar screens an hour after taking off from Kuala Lumpur on March 8 with 239 people on board, including five Indians, an Indo-Canadian and 154 Chinese nations - was intensified with India, China and Japan deploying surveillance aircraft yesterday.
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