Hosting the men's and women's World Cups in the space of two years is Rugby Australia's ticket back into the black.
All but guaranteed to stage the 2027 men's edition, Australia has now also been named as World Rugby's preferred host of the 2029 women's global showpiece.
RA chief Andy Marinos estimates the two events would bring between 50 and 60 million dollars to the cash-strapped governing body and help return the sport to its glory days down under.
"(This is) huge for us in terms of resetting our whole landscape," Marinos said.
"Not only about the revenue you generate out of the event, it's about connecting with new commercial partners, re-engage with broadcasters.
"We're living in an interesting age - the broadcast and digital world is going through seismic change.
"Events like this ... creates a diversified offering. If we're smart from the outset, we can capitalise on it."
World Rugby boss Alan Gilpin revealed at Monday's announcement in Sydney that Australia was the only nation in discussions about hosting the women's 2029 World Cup.
He also conceded World Rugby was "concerned" upon learning RA considered reverting to amateur status after recording a net deficit of $27.1 million for 2020 due to the COVID-19 pandemic.
But Gilpin said RA having the chance to host two World Cups, plus the British and Irish Lions for a blockbuster series in 2025 as well as the Olympic Games in 2032 would only benefit the game internationally.
"It's really important," he said. "Australia is a huge player on the international stage.
"We want Australian rugby to be strong, we want rugby here to be back to being a really strong sport for kids in Australia and this decade-long opportunity culminating in an Olympic Games with rugby sevens is a massive chance for that."
World Rugby, RA and Australian government representatives will this week nut out a hosting model for both World Cups before a final vote is held in May in Dublin.
"The fact we have reached this stage in the process as preferred candidate for both the men's and women's tournaments is something the Australian Rugby community should be incredibly proud of," said RA chairman Hamish McLennan.
Sport Minister Richard Colbeck said it was another example of Australia's reputation for successfully delivering sporting events.
"Securing the Women's Rugby World Cup 2029 for Australia will be another milestone event in our green and gold decade to raise the profile of women's sport," he said.
"It will drive increased participation in physical activity by girls and women, and improve gender equality and social inclusion in sport."
Australia has never won the Women's World Cup, but did finish third in 2010.
It co-hosted the men's World Cup in 1987 with New Zealand and staged it solo with huge success in 2003.
Other major international sporting events in Australia to come in the next decade include the Commonwealth Games, the FIFA Women's World Cup, world road cycling championships and the men's T20 cricket World Cup.
