Commonwealth earmarks $6b boost to Brisbane Olympics

Brisbane would score a $6 billion Commonwealth cash pile for critical infrastructure if it wins the 2032 Olympic and Paralympic Games.

Brisbane will score a $6 billion Commonwealth cash pile for critical infrastructure if it wins the 2032 Olympic and Paralympic Games.

While no new money is contained in Budget papers, it’s understood the Morrison Government intends to spend between $5.8 billion to $6 billion over the next decade on its 50/50 funding deal with the Queensland Government should the Games go ahead.

The news came as Treasury boffins officially entered the Games to its list of fiscal risks going forward.

The Gabba could be redeveloped if Brisbane wins the rights to the 2032 Olympic Games.

“On 24 February 2021, the International Olympic Committee (IOC) entered into exclusive negotiations with the Queensland Government to host the 2032 Olympic and Paralympic Games,” Budget papers read.

“The Australian Government has committed to fund half the costs of critical infrastructure for the Games.

“The support will be subject to successful candidature and shared governance arrangements with the Queensland Government.

“The Commonwealth has also provided a range of guarantees to the IOC for provision of government services in support of Brisbane’s candidature to host the Games at no cost to the Organising Committee for the Olympic Games.”

Queensland Premier Annastacia Palaszczuk says The Gabba would be redeveloped to host the opening and closing ceremonies.

The Commonwealth has already paid $10 million towards Brisbane’s candidature.

Prime Minister Scott Morrison promised to pay half of all infrastructure costs after Premier Annastacia Palaszczuk unveiled her vision to host the opening and closing ceremonies and athletics at The Gabba.

Ms Palaszczuk wants to spend about $1 billion rebuilding and rejuvenating the world-renowned stadium, which will be serviced in the future by the new Cross River Rail station.

It won out over an earlier plan to build a new stadium at Albion, with fears that could become a white elephant.