The 25-year-old Faulkner, man of the match in Australia's World Cup triumph earlier this year,
has been charged with a
level three offence under CA's 'Code of Behaviour' after he was found to have been driving under the influence of alcohol in the United Kingdom earlier this month.
He received a four match ban and will not be able to play against Ireland and England in late August and September this year.
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Faulkner, who is in the UK playing for county team Lancashire and is not part of the current 17-man Ashes touring party, was offered, and accepted the punishment rather than undergo a formal hearing before CA's Code of Behaviour Commissioner.
"James has acknowledged the seriousness of his actions and has accepted the penalties handed down today," Cricket Australia Executive General Manager of Team Performance Pat Howard said.
"He has cooperated fully with the disciplinary procedure and is deeply remorseful. We have reminded James that his actions had serious potential to cause harm to him and others.
"In saying that, we do acknowledge that James has been a player with a good track record and we would like to think that this episode is very much out of character.