The task force was created on 22 April 1942 from the ANZAC Squadron as part of United States Army General Douglas MacArthur's South West Pacific Area (command).

The force saw action during the Battle of the Coral Sea, in which it helped turn back a Japanese attempt to invade Port Moresby, New Guinea.

[1] At 07:00 on 7 May, Rear Admiral Crace, embarked aboard Australia as commander of Task Force 44, was ordered to take his ships (Australia, Hobart, US cruiser Chicago, and US destroyers Perkins, Walke, and Farragut) to the Jomard Passage, and engage any Japanese ships found en route to Port Moresby, while several US carrier groups engaged a Japanese force headed for the Solomon Islands.

[4] Although USN Vice Admiral Herbert F. Leary made plans to train aircrews in naval vessel recognition in response, USAAF General George Brett refused to implement them or acknowledge that the friendly fire incident had happened.

[4] With no new orders, Crace decided to relocate his ships during the night to a point 220 nautical miles (410 km; 250 mi) from Port Moresby, to better intercept a Japanese invasion force if it came through either the Jomard Passage or the China Strait.

[4] Instructions from the American commander of the operation were still not forthcoming, and Crace was forced to rely on intercepted radio messages to track the progress of the main battle.

The task force later, under Crutchley, assisted with the initial stages of the Guadalcanal Campaign along with escorting Allied convoys around the northeast Australia, New Guinea, and Coral Sea areas.