‘Substantial price tag’: PM’s latest on Olympics, Gabba funding row

Federal funding for the 2032 Brisbane Olympic and Paralympic Games remains up in the air, with Prime Minister Anthony Albanese committing only to a ‘positive contribution’ rather than a 50-50 split with the state on Wednesday.

Federal funding for the 2032 Brisbane Olympic and Paralympic Games remains up in the air, with Prime Minister Anthony Albanese only committing to a “positive contribution” rather than a 50-50 split with the state on Wednesday.

He also confirmed the proposed Gabba Stadium redevelopment would include a “substantial price tag”, but said it was an investment in Queensland hosting the games.

Details of any funding agreement will not be reached until at least next month, with Mr Albanese noting he would not meet with Premier Annastacia Palaszczuk until national cabinet meets next in early February.

Prime Minister Anthony Albanese with acting Premier Steven Miles. Picture: Annette Dew

It followed Acting Premier Steven Miles this week saying the Gabba redevelopment would exceed its previously forecast $1 billion cost estimate.

While the Morrison Government had committed to a 50-50 funding split on the Olympics with the State Government, Mr Albanese would not commit to the same figure when asked on Wednesday.

“We will do our share and you will see a very positive contribution from the Commonwealth on the Olympic Games,” he told ABC radio.

“How do you make sure every dollar that’s invested has lasting benefits, not just to Brisbane, but the people of Queensland and the country. There will be events and activities throughout Queensland.

“It’s a major benefit. We want to make sure that we get it right.”

Mr Albanese shied away from detail on what it meant for the proposed Gabba redevelopment.

“There will be a substantial price tag (for the Gabba). But of course, it’s an investment in Queensland hosting the Olympic Games,” he said.

“It will be the largest event that’s ever been held in Queensland.”

Artist impression of the proposed Gabba redevelopment. Picture: Supplied

He said negotiations were continuing constructively with the State Government and Premier.

“The Premier’s on leave at the moment, a well-deserved break. When she’s returned we have a national cabinet meeting scheduled for the first week of February,” he said.

“I will be speaking with Premier Palaszczuk then.”

The State Government has provided the Commonwealth with a list of project it wanted agreement on, but as of late last year there were no outcomes.