Australia will bid to host the world's largest and most prestigious women's sporting event - the FIFA Women's World Cup - in 2023.
Prime Minister Malcolm Turnbull said he is "delighted" to support the bid.
The government paid out A$46.5 million to back a Football Federation Australia bid to host the 2022 men's World Cup, which won just a solitary vote in a ballot that resulted in Qatar being handed the tournament.
The Australian women's national team, dubbed "the Matildas", are now ranked eighth and reached the World Cup quarter-finals for the third successive tournament in Canada in 2015. The Australian women's team, the Matildas, is No. 8 in the world rankings.
"Women's sport in Australia has moved forward in leaps and bounds", Turnbull added.
Sydney, Melbourne, Brisbane, Adelaide, Perth and Canberra will be among the host cities for the 24-team event that has grown in stature over the past decade.
"Wherever you are around the country, you will see women and young girls out on the pitches playing the world's most popular sport", Mr Lowy said.
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The tournament would inject millions into the Australian economy, with an anticipated influx of soccer lovers from women's soccer heavyweight nations China, Japan and USA.
"We know that this will be a challenging process, but we believe that we have the expertise and world class facilities to host a fantastic tournament".
"The benefits to Australia are many and varied with major economic impact to the wider community and, most importantly, a massive increase in exposure and investment in women's football", he said.
The Matildas, ranked eighth in the world, would gain automatic qualification for the tournament and would be among the favourites to lift the trophy after making the quarter-finals at the last two World Cups.
Soccer is Australia's No.1 participation sport for both men and women according to AusPlay, an independent report released by the Australian Sports Commission.
Final bids are expected to be made by late 2018, with global football's governing body FIFA set to announce the successful host the following year.
Japananese players (in blue) celebrate after scoring against Australia in the Women's World Cup quarterfinals at Edmonton, June 27, 2015.
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