The annual two-day event, established in 2012, sees the top six international netball teams in the world compete in the modified version of the game, featuring five players-a-side, shortened quarters, multiple point shots and double point power plays.

It is set to be on show at Melbourne’s Hisense Arena until 2018 with this year’s event scheduled to take place from October 29 to 30.

Last year saw the tournament put on hiatus due to the Netball World Cup taking place in Sydney, before which the first three editions from 2012 to 2014 were held in Auckland.

"This announcement caps off an outstanding year for the sport and another vote of confidence in Netball Australia to deliver a world-class event after the organisation hosted the most successful Netball World Cup in August," said Marne Fechner, deputy chief executive of Netball Australia.

"We’re absolutely thrilled to be hosting the Fast5 Netball World Series and look forward to welcoming the world’s best players to Australia’s sporting capital, Melbourne, for the next three years.

"The Fast5 Netball World Series weekend is a celebration of netball with its party-like atmosphere off the court and exciting netball on the court, making it popular with players and fans around the world."

INF President Molly Rhone is confident the tournament will grow and prosper in Australia, home of the reigning world champions following a narrow 58-55 victory for the Diamonds over arch-rivals New Zealand Silver Ferns five months ago. 

"Australia is a fantastic country to host a world netball event as we witnessed with the spectacular Netball World Cup in Sydney this year," Rhone said.

"The FAST5 Netball World Series has been a phenomenal success and I have every confidence that Netball Australia will build on this and take it to the next level and to an even wider global audience."

Netball Australia’s successful bid for the Fast5 Netball World Series came with the support and backing of the Victorian State Government.

"Fast5 Netball is turning the popular game on its head - and the sporting world loves it," Victorian Sports Minister John Eren said.

"It’s an action packed weekend and where better in the world to stage it than Melbourne."

New Zealand’s Fast5 Ferns have dominated the competition since its inception, winning the gold medal on home soil in 2012, 2013 and 2014.

After finishing sixth in 2012, the Australian Fast5 Flyers won the silver medal in 2013 and 2014.