The Indians were forced to name an inexperienced bowling attack for the fourth Test after a cluster of injuries hampered their squad.
But the young bowling cartel managed to create early breakthroughs in Brisbane, with Australian openers David Warner (one) and Marcus Harris (five) removed cheaply.
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Steve Smith looked on track to plunder another mammoth total, but was dismissed in bizarre circumstances after the lunch break, spooning a simple catch to mid wicket off the bowling of debutant Washington Sundar.
The hosts were suddenly in dire straits at 3/87, but Labuschagne then combined with Matthew Wade for a critical century stand.
India gifted Labuschagne two extra lives in the afternoon session, with skipper Ajinkya Rahane and Cheteshwar Pujara both putting down chances.
Regardless, the 26-year-old Queenslander reached triple figures after the tea break, bringing up the milestone with a firm back-foot punch through the covers.
Labuschagne now holds the record for most Test runs at the Gabba after three innings, bettering Sir Donald Bradman.
Momentum quickly shifted back in India's favour when Wade and Labuschagne both needlessly threw away their wicket in quick succession.
But Australian captain Tim Paine and young gun Cameron Green survived a difficult spell against the second new ball to guide the team to stumps.
Meanwhile, India's casualty ward unfortunately has a new member, with paceman Navdeep Saini leaving the field with a suspected groin strain in the early afternoon.
Australia will resume day two at 5/274, with Green on 28 and Paine on 38.
Updates
India's fielding hasn't been at its best the Gabba today, and the tourists have put down another tough chance.
Cameron Green spooned a caught and bowled chance to Shardul Thakur in the evening session, but the Kookaburra spilled onto the turf.
Soon after, Indian took the new ball, desperate for a breakthrough before stumps.
Minutes after bringing up his fifth Test century, Marnus Labuschagne is making his way back to the pavilion for 108.
Looking to pull Thangarasu Natarajan through mid wicket, Labuschagne's top edge flew straight up into the air, and was comfortably taken by Indian wicketkeeper Rishabh Pant.
The 26-year-old's dismissal was oddly similar to that of Matthew Wade.
The Gabba crowd gave Labuschagne a standing ovation as he departs, with Australian skipper Tim Paine the new batsman in the middle.
Matthew Wade has now gone 13 consecutive Test innings with a half-century.
The 33-year-old looked on track to finally break the dry spell, but was removed by Indian debutant Thangarasu Natarajan in the evening session.
Wade looked to swat a short delivery through mid wicket, but could only manage a thick top edge.
Shardul Thakur claimed a simple catch at mid-off, and Australia is now 4/200 after 64 overs.
Marnus Labuschagne has reached triple figures at his home ground, the fifth century of his Test career.
The Australian No. 3 has been consistent throughout the Test series against India, but hasn't converted them into big scores.
But Labuschagne overcame the heat in Brisbane to compile a classy century and save Australia after a poor start on day one.
He brought up the milestone with a firm back-foot cover drive off Mohammed Siraj.
The 26-year-old also now holds the record for most Test runs at the Gabba after three innings.
Labuschagne and Matthew Wade haver combined for an unbeaten century stand, and Australia is 3/198 after 63 overs.
Marnus Labuschagne will be eyeing a fifth Test century in the evening session at the Gabba.
The Australia No. 3 and Matthew Wade have combined for an unbeaten 67-run partnership to put the Test match back in the balance.
Labuschgane is cruising at 73 not out, while Wade is on 27.
India's fielders have given Marnus Labuschagne plenty of extra chances this series, and the Australian No. 3 has once again been put down.
Left-armer Thangarasu Natarajan bowled a peach to Labuschagne from around the wicket, which caught the outside edge.
But standing at first slip, Cheteshwar Pujara spilled a tough chance low to his left, which would have been a regulation chance if he was standing half a metre forward.
Soon after, Labuschagne brought up his third half-century of the series. It was the slowest 50 of his Test career to date.
As revealed by CricViz, Labuschagne has been dropped nine times in Test cricket. Since the start of the 2019 Ashes, only Ben Stokes has been dropped more often in the game's longest format.
When that statistic was shared on Fox Cricket, format Australian batsman Mark Waugh with tongue in cheek called Stokes a "lucky bugger".
The Indians were cruising at the Gabba before one delivery completely shifted the game's momentum in Australia's favour.
Pace bowler Navdeep Saini fired in a short delivery at Marnus Labuschagne, who edged the ball towards the gully fielder.
But unfortunately, Indian captain Ajinkya Rahane spilled the regulation chance, gifting Labuschagne an extra life.
However, Saini was then spotted in considerable discomfort, and eventually taken off the field with a potential groin injury.
Considering the ludicrous number on injuries the Indian squad has sustained this series, Saini's exit just rubbed salt into the wounds.
The only silver lining for India is they have five bowlers in their starting XI.
Australia is 3/97 in the 38th over, with Labuschagne on 40 not out.
Indian debutant Washington Sundar has claimed the priceless scalp of Steve Smith for his maiden Test wicket.
Sundar found himself in India's starting XI for the Gabba Test after Ravindra Jadeja and Ravichandran Ashwin both sustained injuries in Sydney.
And after starting day one with three maidens, the 21-year-old has snared a critical breakthrough.
Smith and Marnus Labuschagne had combined for a 70-run partnership before Sundar broke through.
The Australian No. 4 chipped a delivery straight to the mid wicket fielder, leaving the hosts in dire straits at 3/87.
Matthew Wade is the new batsman at the crease.
Usual suspects Marnus Labuschagne and Steve Smith have combined for a 50-run partnership to resurrect Australia's innings, achieving the feat in 116 deliveries.
Steve Smith and Marnus Labuschagne have survived until the lunch break with Australia 2/65 at the Gabba.
Labuschagne has been watchful and patient, while Smith looks impenetrable at the other end.