Coulter-Nile dislocated his right shoulder while fielding for the Perth Scorchers in a Big Bash League Twenty20 match on Monday and was ruled out of the Boxing Day Test at the Melbourne Cricket Ground.
Boland was named as a shadow player for the first Hobart Test, but was released before the game, which Australia won by an innings and 212 runs.
The 26-year-old, who made his debut for Victoria in 2011-12, has yet to play a Test but has featured in 27 first-class matches taking 72 wickets.
"Although the extent of the injury and rehabilitation period will not be fully known until we receive the results of scans later today, we can confirm that Nathan will not be available for the Boxing Day Test."
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Coulter-Nile dived and misfielded a ball while fielding against the Adelaide Strikers.
When he attempted to get to his feet and run after the ball he landed awkwardly on his arm, leading to the shoulder popping out, team officials said.
The latest setback continues a drain on Australia's fast-bowling options following Mitchell Starc's ankle surgery and Mitchell Johnson's retirement.