Australia unveiled a government-backed bid on Tuesday to host the 2023 Women’s World Cup, saying that it would be an economic boom for the country and help inspire a new generation of footballers.

Prime Minister Malcolm Turnbull said that Australia’s history of success when it came to holding major sports events meant they were well-placed to host the tournament.

“We are recognised internationally for our sporting achievements and for showcasing some of the biggest sporting events in the world and, when we do, we do it triumphantly, we do it successfully, we do it to great acclaim,” he stated when announcing they were officially launching the bid.

“The opportunity to host this event is significant, not just for the economic and tourism benefits it would bring, but for what it does for women’s sport.”

In terms of financial support, the Australian government have already pledged $1m in initial funding whilst revealing they will provide another $4m if Australia themselves have a reasonable chance of winning the tournament.

They were knocked out at the quarter-final stage of the 2015 World Cup by Japan, whilst losing on penalties to Brazil at the same stage in last year’s Olympic Games.

Football Federation Australia chairman Steven Lowy also had his say on their bid to host the competition in six years’ time.

“This is the largest, most prestigious and most competitive contest in a women’s sport globally. 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.”

24 teams are set to compete in the 2023 tournament over 52 matches.

France are set to host the next competition in 2019, whilst Canada held the most recent event two summers ago.