Football Federation Australia (FFA) confirmed it will bid to host the 2023 showpiece, with Australia's prime minister Malcolm Turnbull throwing his support behind the plan on Tuesday.
The 24-team tournament could be primarily hosted by either Melbourne, Sydney, Brisbane, Adelaide, Perth or Canberra according to a News Corp Australia report.
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.
Turnbull was among the dignitaries at FFA's announcement at Parliament House in Canberra, with the governing body having secured an initial grant of $1 million from the federal government to launch the bid.
A further further $4 million will be granted in December if Australia is deemed a reasonable hosting prospect.
Australia previously bid for the 2011 Women's World Cup but withdrew from the race early, with FFA having been advised the event would "incur a deficit of tens of millions", according to then CEO Ben Buckley.
FFA also bid for the 2022 men's World Cup but received just one vote as the tournament went to Qatar.
