The 22-year-old Queenslander, who is currently recovering from an ankle injury ahead of next month's Rugby World Cup, inked his new deal on Thursday in a major boost for both the Reds and Wallabies.
"It's good to get it (the contract) sorted out," Slipper said.
"I've enjoyed the experience I've had to date, both playing for Queensland and with the Wallabies, but I really feel that I am only just getting started.
"Certainly I hope that is the case. I know I'll have to keep working hard and improving my game to make sure that it is."
Australia coach Robbie Deans, who handed Slipper his Test debut against England last June on the back of just three Super Rugby appearances, admits securing the prop's signature is a major boost.
"They're all important, but there's no doubt that keeping James was critical," Deans said.
"To achieve all that he did last year, off the (limited) background that he'd had, was a testament to his attitude, his belief and his work ethic."
"That he was able to kick on this season with the Reds, even though he had the misfortune to miss out on the finals, was another great indicator for his future.
"He presumes nothing and is prepared to do whatever it takes."
The Gold Coast product made the most of his shock Test call-up, amassing 14 appearances, predominantly off the bench, for the Wallabies last season on either side of the scrum.
He finished his international season with a commanding performance at tighthead prop after coming off the bench in Australia's 59-16 thumping of France.
The no-nonsense front-rower continued to impress during Queensland's surge to the Super 15 title, only to have his season cut short by a high ankle sprain in the final round of the regular season.
While Slipper will not play a minute of rugby before the 30-man World Cup squad is unveiled next Thursday, he is expected to be among the first players picked.
"It's been frustrating," Slipper said of the injury.
"I haven't been a good watcher, but at least I've been able to be involved with the Wallabies, in terms of keeping up to date with what the boys are up to.
"Working the way back from injury is not something I've had much experience doing, and I haven't enjoyed the process, but it certainly hasn't hurt with the hunger.
"Once you've had the taste of something, and then had to go without, it only makes you all the more desperate to have that experience again."
Slipper is expected to make his return for the Australian Barbarians against Canada at Skilled Park on the Gold Coast on August 26.
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