The victims were 23-year-old Giuseppe Di Marco, from Turin; Gloria Rastelletti, 29, from Pesaro and Marco Pellegrini, 28, from Como, Il Messaggero reported.
Another Italian passenger, a 26-year-old woman, was injured and remains in hospital.
The accident happened when the car they were travelling in left the road and rolled after hitting a concrete barrier, on the Bruce Highway near the town of Home Hill.
The backpackers had been staying at a hostel in Townsville.
The driver, also Italian, has been charged with driving without due care and attention. He will appear in court on August 12th, Australia's Courier Mail reported.
This is the latest tragedy to affect Italian backpackers in Australia.
Last week, the body of a 26-year-old Italian was found in a dam at the farm he had been working on in Queensland, Australia.
Illario Viviani was reported missing from the farm near Childers a few days earlier.
He had been in Australia for ten months and had been working at the citrus farm with his girlfriend, Francesca, for less than two weeks.
Fifteen thousand young Italians are in Australia on working holiday visas, according to Australian immigration figures.