Australian Rugby has been given a huge boost by World Rugby, being named as host of the 2027 men's and 2029 women's Rugby World Cup tournaments.

World Rugby confirmed the decision at a council meeting in Dublin on Thursday.

"This is an historic day for rugby in Australia," Rugby Australia Chairman Hamish McLennan said.

"We're beyond thrilled to be welcoming not one, but two Rugby World Cups to our shores."

Australia, two-time winners of the men's World Cup in 1991 and 1999, had previously been named as the preferred candidate to host both tournaments.

It last hosted the men's World Cup in 2003, losing to England curtesy of an extra time Jonny Wilkinson drop goal in a dramatic Sydney final.

None of the previous nine editions of the women's version of the tournament have been held in Australia.

Rugby Australia estimates that hosting the back-to-back tournaments will provide a $1.8 billion injection into the local economy.

Confirmation of the awarding of the World Cups will be a welcome boost to Rugby Australia, which has struggled financially in recent years.

Rugby Australia needed a $14 million loan from World Rugby last year after pre-existing financial issues spiralled into a full-blown crisis because of the COVID-19 pandemic.

Rugby Australia terminated more than 40 per cent of staff at the start of the pandemic in 2020 — the culmination of a horror period in which former chief executive Raelene Castle left the organisation, it paid an out-of-court settlement to Israel Folau, and it faced a declining supporter base and allegations of mismanagement from former players.

But with interest gathered from World Cups in 2027 and 2029, the Commonwealth Games in 2026 and the Brisbane Olympics in 2032, plus the financial windfall of a British and Irish Lions tour in 2025, Rugby Australia has the chance to recapture the imagination of the sporting public.

"Today is a significant moment in time for our game," McLennan said.

"We look forward to working together with World Rugby, our member unions and government partners over the coming years to ensure that we make the most of this opportunity and continue the resurgence of rugby in this country."

Two-time World Cup winning Wallaby Tim Horan wrote on social media that being awarded the two tournaments is "the most significant moment in Australia rugby's history, since winning RWC 1991.".

"Hosting men's 2027 and women's 2029 RWC will grow participation and provide financial security for our game for generations," he wrote.

World Rugby also confirmed that the men's and women's Rugby World Cups would head to the USA for the first time in 2031 and 2033 respectively.

The USA will be just the second tier-two nation to host the men's global showpiece, after Japan in 2019.

"I speak for the rugby community and fans across the United States when I express our sincere gratitude to World Rugby for their trust and endorsement of our vision to grow this incredible sport exponentially across our country," USA Rugby boss Ross Young said.

"USA Rugby will now venture into a new era and ensure the sport's most treasured event is a springboard for creating lasting, sustainable enthusiasm and passion for rugby from coast to coast."

The USA won the first women's World Cup in 1991 and were beaten finalists in the next two competitions although their men have never reached the quarter finals.

It was also confirmed that England will host the 2025 women's World Cup as World Rugby set its agenda for the next decade.

World Rugby Chairman Sir Bill Beaumont said the announcement provided "unprecedented certainty and an unparalleled opportunity to accelerate the growth and impact of rugby globally".