England are the outsiders against the hosts before an expected 90,000 crowd at the cavernous Melbourne Cricket Ground on the strength of their poor record of one-dayers in Australia.
England have just two wins from their last 15 ODI encounters Down Under, but Morgan resolutely talked up his team's chances Thursday against the top-ranked Aussies.
"This is only in the last year, these (losses) have happened but the majority of us have been in positions where we've played series where we've beaten Australia 4-0 before," Morgan told reporters.
"It's swings and roundabouts. We've been in that position before and our time will come."
Morgan said only two squad members Moeen Ali and James Taylor have yet to play in an ODI at the Melbourne Cricket Ground and he is hoping the big-match experience will bring out the best in England.
"I think the first two games we'll learn a lot about them because they're going to be tough games," Morgan said of the pool games against Australia and New Zealand in Wellington.