"Our hearts go out to the thousands of people who have lost family members, had their homes destroyed and are now in need of humanitarian assistance," chief executive, Mr Costello said.
According to the non-profit group, up to 2,200 people were killed and 10,000 injured since the recent conflict broke between the two nations. Living conditions have also reportedly become unbearable after Gaza's only power plant was destroyed, compromising the local water supply.
Despite being able to provide assistance to thousands of displaced people since the Egyptian mediated ceasefire took hold on Wednesday, concern remains over the mental health of children who have endured long periods of insecurity and lived amidst constant outbreaks of violence.
"Prolonged periods of stress for children cause a significant increase in cortisol levels in the brain which can adversely affects mental development," World Vision Australia's mental health and psycho-social support expert, Alison Schafer said.
"Research suggests that this could be making children more at risk of challenging behaviours and psychological problems in later life."
Mr Costello also urged for continued negotiations to ensure lasting peace in the region.
"We call on all parties to continue negotiations to bring about a lasting and just peace so that both Palestinian and Israeli children can live without constant fear of death and destruction," he stated.