Labuschagne, who played a key role in Australia’s 2023 World Cup triumph, has averaged just 21.87 across his last 18 ODI innings.
Cooper Connolly, Oliver Peake and Joel Davies have been preferred, while captain Mitchell Marsh and opener Travis Head return after missing recent ODI series.
Pat Cummins and Mitchell Starc will join the squad for the South Africa leg, alongside Josh Hazlewood, as Australia’s leading fast bowlers prepare for the subsequent Test series.
Marsh will captain the team in Zimbabwe, while Cummins is set to resume the captaincy in South Africa, although he is unlikely to play all three matches.
The six-match ODI series in Zimbabwe and South Africa will serve as important preparation for next year’s World Cup, which will be hosted by the same three countries.
“This six-game series is an important lead-in to next year’s World Cup, being played in the same countries, for the group,” selection chief George Bailey said.
“For Ollie and Joel, who we rate very highly, it’s another fantastic opportunity and a further chance for them to continue their exposure and growth in the Australian team.”
Labuschagne’s omission from the ODI squad does not automatically affect his Test prospects. Australia coach Andrew McDonald has previously stressed that Test and ODI selection are treated separately.
Australia ODI squad: Mitchell Marsh, Pat Cummins (SA only), Xavier Bartlett, Alex Carey, Cooper Connolly, Joel Davies, Nathan Ellis, Cameron Green, Josh Hazlewood, Travis Head, Josh Inglis, Spencer Johnson, Oliver Peake, Matthew Renshaw, Billy Stanlake, Mitchell Starc (SA only), Adam Zampa