The carmaker has identified a problem with the gauge, which may show a low level of fuel when the vehicle has actually run dry.
Should this occur, the engine may cease to operate without warning, affecting power steering and braking performance while leaving the driving with no way to accelerate. This could create a hazard for the vehicle occupants and other road users.
Affected XC60 and XC70 variants are from the 2015 model-year, and 144 are on the recall list for Australia. However, as the recall is issued there are only ten Volvos from that list in Australia yet to receive service.
All vehicles on the recall list are fitted with the five-cylinder diesel engine.
The recall process will see the vehicles inspected before the Engine Control Module is updated to rectify the problem.
Volvo will attempt to contact affected owners shortly, but any owner wishing to learn more about the latest round of recalls should contact their local dealer.