The synthetic lens can be surgically implanted to provide permanent, but reversible, correction of refractive error.
The CRC for Eye Research and Technology believe the new lens will enable some people to do away with the need to wear glasses.
The lens is designed to fit just under the top surface of the cornea, the clear covering at the front of the eye.
The synthetic material used in the design of this lens has been developed by CSIRO, a participant in the CRC for Eye Research and Technology. The novel material is highly porous and has been especially designed to be implanted within the delicate tissue of the eye.
"Almost two thirds of the world's population requires some form of vision correction," says Associate Professor Deborah Sweeney from the CRC for Eye Research and Technology. "This research goes some way to providing an affordable, permanent solution to refractive eye disorders."
The CRC for Eye Research and Technology are hoping to attract funding to start human trials in the near future.
The research has been on display as part of the CSIRO stand at Bio 2002, the world's largest and most important conference and exhibition of biotechnology.
Representatives from CSIRO host the stand, which displays information about research activities from organisations including the Cooperative Research Centre for Eye Research and Technology.