Test five-eighth Bernard Foley says the recent contract concessions by the Australian Rugby Union have put the Wallabies in good stead to regain former glories.

Foley recently became the first of what will be a very small group of players to sign a “flexible contract”, which allows him to play two seasons in Japan over the next three years, while also playing for the NSW Waratahs and remaining eligible to represent Australia.

Last week, the Australian Rugby Union announced another initiative aimed at swelling the pool of available talent, by revealing overseas-based players who had played professionally at home for seven years and accumulated 60 Test caps would be eligible for Wallabies selection.

“For Australian rugby I think it’s in really good stead,” Foley said on Monday.

“The next couple of years we should be really challenging to regain the form that we had back in the past.”

Foley, who played in Australia’s 2010 Commonwealth Games silver medal-winning Sevens Rugby team, said he would love to play in another big sevens tournament, but conceded he may not be able to join the Rio Olympics campaign.

ARU boss Bill Pulver last week indicated players would have to make a choice between sevens and Test rugby for next year.

“I’ve expressed how much I enjoy a big sevens game and it’s a long time ago now (since I played one).

“I’d really love to do something back in the sevens, but in saying that I don’t know if logistically it’s going to be possible or commitment-wise.”