Pace bowler Schutt, 24, was a key contributor to the Southern Stars securing the 2013 World Cup title, collecting 12 wickets across six matches.
Nineteen-year-old leg-spinner Wellington has continued to cement her position in the national team with outstanding performances throughout the ODI and T20 series against New Zealand earlier this year.
Scorpion Tahlia McGrath, who was selected in the preliminary World Cup squad, has unfortunately been ruled out due to injury.
The 21-year-old all-hopes to be back at full fitness for the upcoming summer of cricket.
“Tahlia had been suffering some pain in her back during the recent tour of Sri Lanka and the decision was made to send her for scans whilst she was in camp in Brisbane,” said team physiotherapist Kate Mahony.
“The scan revealed stress fractures in her back, ruling her out of contention for the World Cup, and she has since returned home to begin the rehabilitation process.”
The squad will finalise their preparations during a two-week camp beginning in Brisbane on Monday, with the second week to take place on the Sunshine Coast.
England, New Zealand, West Indies, India, South Africa, Pakistan and Sri Lanka and Australia will compete in the tournament with each side to face off against the other seven nations.
Australia are the defending champions having won a record sixth World Cup in 2013 after defeating the West Indies by 114 runs in the final in India.
Australia's World Cup schedule
June 26: Australia v West Indies, Taunton
June 29: Australia v Sri Lanka, Bristol
July 2: Australia v New Zealand, Bristol
July 5: Australia v Pakistan, Leicester
July 9: Australia v England, Bristol
July 12: Australia v India, Bristol
July 15: Australia v South Africa, Taunton
July 18: First semi-final, Bristol
July 20: Second semi-final, Derby
July 23: Final, Lord's
Australia World Cup squad
Sarah Aley, NSW, 32
Nicole Bolton, WA, 28
Alex Blackwell, NSW, 33
Kristen Beams, VIC, 32
Ashleigh Gardner, NSW, 20
Rachael Haynes, NSW, 30
Alyssa Healy, NSW, 27
Jess Jonassen, QLD, 24
Meg Lanning, VIC, 25
Beth Mooney, QLD, 23
Ellyse Perry, NSW, 26
Megan Schutt, SA, 24
Belinda Vakarewa, NSW 19
Elyse Villani, WA, 27
Amanda-Jade Wellington, SA, 19