Lowy, speaking at the formal announcement of the package in Sydney today, said the money would be spent wisely and on securing the best "professional services" to ensure Australia has a genuine chance of hosting the football showpiece ahead of England, who are the favourites to host the event for the first time since 1966.

 

Lowy said: We will hire from Australia and overseas the very best people to show that Australia can do this job properly.

 

"We have had two Olympics, two Rugby World Cups and Australia's strength in this field is unquestionable.

 

"The progress we have made in football has also made a big impact on the world and I think we have the sympathies of the executives of FIFA and the football world.

 

"What we need to do now is get the 13 of the 24 votes required and I can assure you we will do our utmost to get it done and I hope when the time comes we will be able to celebrate."

 

Lowy said the FFA had given the government details of how the money will be spent and said his 50-year experience of dealing with public money will ensure the bid team is run properly.

 

The FFA chairman also said despite a perception the tournament should be held in Europe, he is very confident Australia can host the tournament.

 

Lowy said: "While I understand that there is a view emanating from Europe that it may well be the turn of Europe to be the hosts in 2018, the fact is football is a world game.

 

"If I didn't think so, I wouldn't be here.

 

"I wouldn't ask the Government to support us for a pipedream."

 

Sports Minister Kate Ellis said the bid had the support of all the states and territories and the Government would work with them to upgrade any infrastructure to FIFA standards.

 

Ellis said hosting the tournament would benefit the Australian economy and create a number of jobs nationwide.

 

The race to host the 2018 World Cup is expected to be the most competitive in the history of the competition.

 

Besides Australia and England, other countries expected to bid are a joint bid from Belgium and the Netherlands, Russia, China, the United States, Qatar, Mexico, Portugal and Spain.

 

A decision will be made by the FIFA ruling Executive Committee in December 2010, when they are also expected to choose a host country for the 2022 World Cup.