Australia has been announced as the preferred candidate to host the men's Rugby World Cup in 2027.
According to the statement from the World Rugby Council, Australia has all but secured the rights to rugby union's major tournament for the first time since 2003.
Although final hosting rights will not be awarded until May 2022, Australian officials have welcomed the latest news.
Rugby Australia Chairman Hamish McLennan has spoken and believes the event will be beneficial for Australia and its Pacific neighbours.
“We welcome today’s announcement and thank the World Rugby Council for the trust they have demonstrated in the team at Rugby Australia and the vision for Australia 2027," McLennan said.
“We look forward to working with our colleagues at World Rugby over the coming months to develop the model for Rugby World Cup 2027. This is an exciting opportunity to shape a tournament which will continue the growth of our great game across Australia, the Pacific and globally and showcase our country to the world," he added.
Rugby Australia will work exclusively with World Rugby to design the tournament until the official vote next year.
This new 'Preferred Candidate' process has been introduced by the World Rugby Council to boost the flexibility of potential hosting proposals.
"The ultimate goal is to create a delivery model that maximises financial and operational efficiencies, while unlocking greater value for hosts and global rugby development, with a strong emphasis on building sustainable relationships with host countries and broadening fan and commercial appeal," World Rugby's statement read.
According to the Sydney Morning Herald, Rugby Australia has estimated that 200,000 international visitors will visit Australia for the World Cup, along with an estimated $AUD2.5 billion injection to the economy.
England was also announced as the preferred candidate for the 2025 edition of the tournament, with Australia's main bid competition in the United States expected to be awarded the Rugby World Cup 2031.