Coca-Cola Amatil and the Coca-Cola Co are expected this week to launch Coca-Cola Life, their first new cola product for seven years.
The news comes ahead of the outcome of a strategic review that is expected to involve significant job losses.
According to Fairfax Media, Coca-Cola Amatil registered the Coca-Cola Life brand earlier this year and has been watching its performance in other markets over the last few months.
Unlike other low calorie versions like Diet Coke and Coke Zero, which are sweetened with a blend of aspartame and acesulfame K, Coke Life is sweetened with stevia and has 60 per cent fewer calories than regular Coke.
Coca-Cola Life also uses a green version of the Coke label.
Last year Pepsi also launched a stevia-sweetened variant, Pepsi Next.
