INF President Molly Rhone said she believes the shortened form of the game will continue to grow in popularity under Netball Australia's stewardship.
"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," said Rhone.
Marne Fechner, Netball Australia's deputy chief executive, said being awarded the tournament is a vote of confidence her organisation can deliver world-class events after staging the Netball World Cup in Sydney earlier this year.
"The 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."
The tournament will be held at Hisense Arena in Melbourne Olympic Park, with the first tournament slated for the the weekend of October 29-30 next year.