McCaw picked up an ankle knock during New Zealand's recent 44-12 thumping of England and looks set to spend the next six weeks recovering on the sidelines.
It has been announced that Wellington loose forward Rodney So'oialo is to take the armband in McCaw's absence.
New Zealand head coach Graham Henry explained his decision to recall the 29-year-old Masoe, who has 20 previous caps for the All Blacks.
He said: "Chris's experience against South Africa and knowledge of our systems mean he's the right choice.
"But we may want to take a different approach against Australia. We'll look at form and fitness and the team's plan again in a couple of weeks."



