The new device is the next iteration of last year's successful Nexus 7, which marked Google's first foray into selling Android tablets direct to customers.
It seems the experiment has worked, with Google now upping the ante with its next tablet offering.
The latest Nexus 7 boasts a Qualcomm Inc Snapdragon processor and a display with 1920 x 1200 resolution and a pixel density of 323ppi, up from its predecessor's 1280 x 800 216ppi screen.
It’s now the world’s highest resolution 7-inch Android tablet
It will be available in Australia "in coming weeks."
Google talked up the new slimmer form factor of its next-gen tablet.
"It actually makes a huge difference when holding it in one hand; it fits more easily in a purse or jacket," Android vice president Hugo Barra said after pulling a new Nexus 7 from a rear pocket of his pants.
Sundar Pichai, head of Android and Chrome software, said that Google would be making a profit on the new Nexus.
The first-generation Nexus 7 was financially a break-even product for the company, according to analysts.
"The new Nexus 7 is designed so that it's profitable for all the people involved. Retailers, us, everyone included," Pichai told Reuters.
Pichai told reporters that its Nexus 7 line alone has accounted for "greater than 10% of all Android tablets sold."
Google was on track for 70 million total Android tablet activations in 2013, compared with around 10 million at the end of 2012, he said.
The company announced the new tablet in conjunction with Chromecast, a new TV streaming dongle.
For more information on Google's sexy new hardware, check out its site here.