Among the big names to miss out on selection are Liam Gill and Greg Holmes, who are both moving overseas, along with former Wallabies captain James Horwill, Karmichael Hunt, Leroy Houston, Christian Lealiifano, Sam Carter and Taqele Naiyaravoro.
No 8 Wycliff Palu has retired from Test rugby.
The Wallabies open The Rugby Championship against the All Blacks in Sydney on August 20.
"We have had a great week with the players in our initial training squad and they've enjoyed working hard together," coach Michael Cheika said.
"Next week's training squad will include selected players from Canberra and we will start to look closely at the final 33 in preparation for the Central Coast camp.
"All of our eligible European-based players expressed a desire to play for the Wallabies during The Rugby Championship and that experience is invaluable.
"We have a very clear purpose in this team and we are prepared to work very hard to respect that purpose."
Wallabies squad: Allan Alaalatoa, Adam Ashley-Cooper, Adam Coleman, Quade Cooper, Kane Douglas, Scott Fardy, Israel Folau, Bernard Foley, Nick Frisby, Will Genia, Matt Giteau, James Hanson, Dane Haylett-Petty, Reece Hodge, Michael Hooper, Rob Horne, Sekope Kepu, Samu Kerevi, Tevita Kuridrani, Ben McCalman, Sean McMahon, Drew Mitchell, Luke Morahan, Stephen Moore (cap), Dean Mumm, Nick Phipps, David Pocock, Tatafu Polota-Nau, Tom Robertson, Rob Simmons, Scott Sio, Will Skelton, James Slipper, Toby Smith, Lopeti Timani, Matt Toomua