But he admits he is still haunted by the nation's failure to garner more than one vote in the bidding war to host the 2022 tournament, saying he still cannot rest easy when he thinks about the way the process unfolded more than four years ago.

"Nobody was more disappointed than I am. I am still losing sleep over it," the veteran football politician and businessman told a packed Melbourne Victory business lunch at Crown on Wednesday.

He, like millions around the world, is eagerly awaiting the details of the Garcia report, commissioned by FIFA after pressure mounted to examine the manner of Qatar's victory given the allegations of bribery and corruption which surrounded the desert nation's unexpected success in the bidding process. FIFA's ethics committee has the report but has yet to make any of its findings public.

FIFA boss Sepp Blatter has hitherto insisted that it is an internal matter that should be dealt with by the game's governing body, but he has been ridiculed for mounting that argument and pressure is mounting from senior figures within and without the game for the details of the report, made by American lawyer Michael Garcia, to be made available to the public.

Lowy said it was impossible to say whether Australia, which spent some $45 million of taxpayer money pursuing its fruitless bid, should try again if the Middle Eastern nation was stripped of its right to host the World Cup.

"The process was not as good as could be expected (but) none of us know what is in the Garcia report. It depends on what conditions a bid will be called for (if Qatar is dumped). It's premature to think about it. When we know what the report says, all of us who were in the bidding process will know what to do."

Asked if the FFA had wasted public money in its pursuit of a sporting dream, Lowy argued that the effort and investment could be seen as a downpayment on potential future success.

"I think we spent most of it wisely ... it's not very often that a nation bids for a big sporting event and gets it first time. If we can have another bid, I think we can be wiser."

The World Cup process might have left a sour taste in the mouth, but Lowy is adamant that the Asian Cup - a much less controversial tournament which Australia hosts early next year - presents a marvellous opportunity for the country to build and develop not just its football rivalries with Asian neighbours but also cultural and economic ties as large numbers of visitors arrive for the three-week competition.

"I think the Asian Cup will be a pivotal event for Australia. We will see the effects in the years to come. We will integrate ourselves with many Asian businesses. We will have a 600- to 700-million TV audience watching these games."

Australia's ranking in Asia has crashed as a result of its World Cup campaign, when it lost all three matches, but Lowy is adamant that the national team under new coach Ange Postecoglou will be among the favourites.

"We have a brand new team and a new coach. He is doing a job moulding a new team, but I think by the time the competition starts Australia will have a very good team and perform very well."