Brisbane Olympic venues will cost $5 billion

Prior to the 2032 Olympics in Brisbane, the Australian federal government and Queensland state government announced they would spend a combined A$7.1 billion ($4.9 billion). A$2.5 billion will be provided by the federal government for the development of Brisbane Arena, a proposed 17,000-seat sports venue, while A$2.7 billion will be contributed by the Queensland government for the rebuilding of the Gabba cricket ground.

Brisbane Olympic venues will cost $5 billionIt was announced during a joint press conference by Queensland Premier Annastacia Palaszczuk and Prime Minister Anthony Albanese that 16 newly built or upgraded venues would receive A$1.87 billion in co-funding on a 50/50 basis between the two governments. “The event is a great event for Queensland, but it is also great for Australia,” Albanese noted.

After Melbourne in 1956 and Sydney in 2000, Brisbane will host the Summer Olympics for the third time in the country’s history. In addition to the 80% of venues needed for the games, Queensland has infrastructure that will remain useful after the games, Premier Palaszczuk said, adding that the spending was about “changing the landscape of Brisbane.”

A$7 billion has been revised upward from A$5 billion, but Palaszczuk said she would not seek future funding from the International Olympic Committee. The Brisbane Arena will host Olympic and Paralympic swimming and water polo, completing a list of venues that will put 16 events within walking distance of one another. Brisbane Arena construction is scheduled to begin in 2027 and be completed by 2030.

There has been a lot of emphasis on using existing venues for the event, including the Gabba for the opening and closing ceremonies and athletics. Deputy Premier Steven Miles said the event would benefit Queensland economically and socially to the tune of A$8.1 billion, and Australia to the tune of A$17.6 billion.