The announcement comes as the latest reshuffle in the Coalition after Angus Taylor took over the Liberal Party and reassigned portfolios to the party’s conservative wing.
Mr Canavan, seen as more conservative than his predecessor David Littleproud, announced his new frontbench line-up on Monday.
The biggest winner was Michael McCormack who returns to the shadow cabinet as shadow water and veterans’ affairs minister.
He took over the water portfolio from Ross Cadell and veterans’ affairs from Darren Chester.
Mr Chester, also the deputy leader, became the shadow minister for agriculture, fisheries and forestry.
Former leader David Littleproud has moved into the shadow emergency services and tourism portfolio but was dumped from shadow cabinet to make way for Mr Canavan.
The biggest losers were Ross Cadell and Pat Conaghan, who both lost their positions on the frontbench.
Mr Canavan appointed himself as the shadow minister for trade, investment and tourism, taking over from Kevin Hogan.
Mr Hogan took on the shadow assistant treasurer and financial services role, replacing Mr Conaghan.
Bridget McKenzie retained her role as shadow infrastructure, transport and regional development minister.
Mr Canavan said he was proud to lead a “posse of patriots” who would put Australia first and help rebuild the economy and strengthen regional communities.
“The Nationals love Australia and we want more Australian everything. To level up Australia, we need to expand Australia into more of our regions,” he said.
“More Australian farming, more Australian mining and more Australian manufacturing will equal more Australian jobs and higher Australian wages.
“The Nationals believe that a bigger regional Australia will make for a better Australia overall.”
Opposition Leader Angus Taylor also welcomed the announcement on Monday, saying he had appointed a “strong and experienced team” from the Nationals.
“We must unapologetically defend Australian values and ensure our country is once again one of opportunity and aspiration, of freedom and safety,” he said.
Even before the announcement, one casualty of the reshuffle had already emerged, with Pat Conaghan revealing he had been deposed as shadow assistant treasurer.
While expressing disappointment, Mr Conaghan said he respected the leadership change and remained committed to representing regional Australians.
“I am of course disappointed by the decision, I respect that this is the process and remain absolutely committed to the National Party,” he said.
Mr Conaghan thanked Mr Littleproud for appointing him to the portfolio, noting he had been the first Nationals MP to hold a finance or economic portfolio in seven decades.
Mr Canavan was elected leader of the Nationals after defeating former deputy leader Kevin Hogan and Senator Bridget McKenzie in a partyroom ballot.
The election followed the shock resignation of former leader David Littleproud, who said he did not have the energy to remain at the helm of the National Party.
At the time, Mr Canavan said he wanted the party to focus squarely on the pressures facing households and businesses.
“I stood for this role because I think we are losing our country. People are losing their standard of living,” he said after the vote.
In a press conference from the Nationals partyroom after his election, Mr Canavan promised to pursue a “hyper Australia”.
“All we need to do to revive our great nation is to have more Australia,” Mr Canavan said in his first speech as leader.
“We need to have more Australian farming, more Australian manufacturing, more Australian jobs. We need to have more Australian everything.
“We need to manifest a hyper Australia, we need to go hyper Australia for our country, we need more Australian babies.
“We need more Australian humour, more Australian jokes. We need more Australian barbecues, sometimes often fuelled by fossil fuels. We need more Australian everything.”