‘Qld’s golden age’: $7 billion deal done on Brisbane 2032 Games

After months of wrangling a deal has finally been struck to fund $7 billion in major projects ahead of the Brisbane 2032 Games. Here’s how it will be broken down, and who will pay for what.

• Editor’s view: Deal done, now let Games begin

The Brisbane 2032 Olympic and Paralympic Games are bolting out of the gate with a $7bn deal done to fund the major venues and focus on delivering a lasting legacy.

It will see a $2.7bn rebuild of the Gabba stadium, while the long-proposed 17,000-seat Brisbane Arena will go ahead over Roma Street Station – with a $2.5bn price tag.

The remaining almost $2bn will spent upgrading existing venues and building a few smaller facilities.

Prime Minister Anthony Albanese will visit Brisbane on Friday to ink the deal with Premier Annastacia Palaszczuk.

Mr Albanese said the cash splash would have a transformational impact on the state, while Ms Palaszczuk said heralded it as the start of “Queensland’s golden age”.

Artist’s impression of a proposed Gabba redevelopment for the 2032 Games

After a false start, with Labor backing away from the former Coalition government’s 50-50 split, a deal was hammered out which will see the Commonwealth contribute $3.4bn out of the $7bn deal.

It is expected the state government will go it alone on the Gabba, which had been the major sticking point of the negotiations, while there will be joint governance on Brisbane Arena – which will be funded by the federal government.

The cash splash dwarfs the $150m the Commonwealth contributed to the 2000 Sydney Games.

Mr Albanese said his government would ensure every dollar had lasting impact, not just for Brisbane or Queensland, but for the country.

“The 2032 Olympics will be the largest event that’s ever been held in Queensland,” he said.

“The Australian government has worked to secure infrastructure projects that will have a long-term and transformational impact on Queensland as we count down to 2032.”

The proposed Brisbane Live site

Federal Sport Minister and Brisbane MP Anika Wells said the Games would inspire broader participation in sport and promote an inclusive environment for women, girls and people of all abilities.

“Brisbane 2032 will be the greatest celebration of sport in Australian history,” Ms Wells said.

“The Olympic and Paralympic Games will change lives and leave an unrivalled legacy for Queensland.”

Ms Palaszczuk said the deal would deliver great things for Queensland.

“We can now get on with providing more jobs and investment that will create Queensland’s golden age,” she said.

The funding agreement is understood to be at a high-level scope, rather than going into the detail of specific projects or designs.

The proposed Brisbane Live site

It is expected there will upgrades to eight existing venues, while work will be done to create six new venues, as per the plan in Brisbane’s bid.

In Senate estimates this week, Infrastructure Department boss Jim Betts said it was difficult to answer questions on if the federal government would leave the Gabba out of any funding deal to avoid being associated with controversy around the speculated resumptions of Raymond Park and East Brisbane State School.

Treasurer Jim Chalmers said that, to get the best from the Games, the country had to invest in infrastructure which would deliver generational benefits for the community and economy.

“We want to deliver a long term legacy that’s just as big and impressive as the Games themselves,” he said.