Arriving in mid-2011, the updated Mondeo will be followed by the long-awaited EcoBoost Falcon - the first application of any EcoBoost engine in a rear-wheel-drive vehicle.
The announcement follows news last week that Ford's 2011 Territory would be the first Ford vehicle in the world to feature the company's 2.7 litre Duratorq diesel engine.
Ford Australia says that close to 85 per cent of its vehicle line-up will be all-new or significantly updated within the next 12 months.
As for the Mondeo beating the company's large sedan to market with its brand-new engine, Ford Australia boss Bob Graziano said the Belgium-sourced Mondeo has always been a pioneer for Ford.
"The Mondeo was the first Ford vehicle in Australia to include elements of our 'kinetic design' styling language and, more importantly, it began to change the way that many people thought about the Ford brand," Graziano said.
"Mondeo will again take on the role of pioneer for the introduction of this new and innovative technology that characterises Ford's ambitious product launch calendar for 2011."
The EcoBoost engine that will drive the Mondeo is a 2.0 litre turbocharged and direct-injected four-cylinder petrol engine, producing 149kW at 6000rpm and 300Nm of torque between 1750 and 4500rpm.
The new engine will replace the 2.3 litre Duratec petrol engine driving the current top-shelf Mondeo Zetec, which produces 118kW and 208Nm - making for a 26 percent increase in power, and a 44 percent increase in torque.
Paired with Ford's PowerShift six-speed automatic transmission, the EcoBoost engine uses just 8.0 l/100km of petrol, compared to 9.5 l/100km for the outgoing engine.
On the highway, Ford says drivers can expect a return of 6.3 l/100km from the EcoBoost Mondeo.
The EcoBoost engine will be offered alongside the existing 2.0 litre Duratorq TDCi models.
Details for the EcoBoost-powered Falcon remain a tightly-held secret, but Ford Australia has confirmed that the Falcon's four-cylinder heart will be a more powerful version of the EcoBoost engine, debuting sometime in the next 12 months.
Overseas, the inline-four EcoBoost engine is currently available in two power grades: the 149kW/300Nm version destined for the local Mondeo, and a 177kW/339Nm version offered with the UK-market Mondeo, along with the upcoming Range Rover Evoque.
It's the latter engine that will likely appear in the Falcon, acting as an entry-level option beneath the 195kW and 391Nm 'Barra' 4.0 litre inline-six engine, which is expected to continue as a part of the Falcon line-up.
Fuel consumption for the EcoBoost Falcon is expected to be around 8.0 l/100km - about 1.9 l/100km down on the six-cylinder engine.
The EcoBoost Falcon is expected to star in an updated Falcon range, bringing a number of changes to exterior and interior styling, along with new mechanical revisions and new equipment - potentially including Ford's successful MyKey security, MyFord Touch and Ford Sync systems.
“We believe that these [EcoBoost] engines will provide customers with a genuinely attractive alternative to diesel or hybrid power units, delivering highly competitive fuel economy and cost-of-ownership, along with the responsive performance and wide rev range that have made petrol engines the favoured choice for so many drivers,” Mr Graziano said.