Brisbane 2032: Federal Government agrees to fund half Olympic Games costs

Queensland Premier Annastacia Palaszczuk is confident The Gabba will be rebuilt ahead of the 2032 Olympic Games, insisting the mammoth proposal was a "no brainer" as she  welcomed the funding commitment out of Canberra.

ANNASTACIA Palaszczuk is confident The Gabba will be rebuilt ahead of the 2032 Olympic Games, insisting the mammoth proposal was a "no brainer".

The Premier welcomed the funding commitment out of Canberra, saying she had sent a letter to IOC president Thomas Bach to inform him of the news. 

"I thank the Commonwealth," she said. 

"I've always said we work best when we work together."

All projects for the Games would need to be run past an independent Olympic Infrastructure Agency, including the $1 billion Gabba redevelopment which would see the stadium demolished and rebuilt. 

But Ms Palaszczuk said the proposal was a no brainer. 

"That (Gabba rebuild) will absolutely go ahead," she said. 

"It is linked in with our transport of Cross River Rail.

"It makes sense ... and will be utilised for decades to come."

Ms Palaszczuk said there was always an independent agency. 

"We are working through at the moment that legislation that the state would be required to put in at the end of the year once we are announced as being successful hopefully as soon as Tokyo in July," she said. 

Queensland’s bid to host the Olympics took a giant leap forward with Monday's unprecedented offer from the federal government to stump up half the funding for all the major infrastructure needed for the global mega-event – with one key condition.

In what is being dubbed “the People’s Games”, venues, road and transport projects will be equally funded by the state and federal governments on the condition that a jointly owned, funded and run Olympic Infrastructure Agency is set up with full oversight on what goes ahead.

An artist’s impression of the proposed Gabba redevelopment, which would form part of the bid if approved by the jointly formed authority.

The proposed $1bn redevelopment of The Gabba, to transform it into the main stadium for a Queensland 2032 Olympics, would have to go through the agency’s assessment to decide if it was value for money before being given the green light.

While the federal government contributed just $150m to the Sydney Olympic Games in 2000, the new proposed deal would have its share rise into the billions.

Prime Minister Scott Morrison said he was backing the Games as a job creator and boost to tourism that “has the opportunity to reshape our country”.

The cash commitment has been warmly welcomed by Australian Olympic Committee president John Coates and Premier Annastacia Palaszczuk as giving the 2032 SEQ Games bid a stronger chance of winning.

Brisbane was named by the International Olympic Committee as the preferred candidate to host the 2032 Olympic Games in February.

Mr Morrison wrote to Ms Palaszczuk on Monday with the proposal, the same day as the deadline to give assurances to the International Olympics Committee that funding for the Games was secured.

The proposed Olympic Infrastructure Agency would give the federal and state governments equal say over projects, including planning, design, contracting, construction and delivery.

Mr Morrison said it was important that the momentum building behind the Games was maintained in order to win.

“Backing the Queensland bid means more jobs, better infrastructure and more tourism dollars,” he said.

“Just like the Sydney 2000 Games, the Queensland bid has the opportunity to reshape our country.”

Premier Annastacia Palaszczuk said the Federal Government backing is a “big win for Queensland”. Picture: Tara Croser.

Mr Morrison said all the guarantees required by the IOC had been signed, but the co-funding deal would take it further.

“All levels of government must work together and take the politics out of each decision. This needs to be the Peoples’ Games,” he said.

“Our offer is for a genuine partnership, with shared costs and shared responsibilities, working together to make this the best Olympics on record.

“It provides a platform for bipartisan support at every level of Government and let’s those who we will jointly appoint to get this job done, to just get on with it.”

Ms Palaszczuk said now that the agreement had been reached, Queensland could go for the Games.

“This is a huge win for Queensland,” she said.

“I always say ‘we work best when we work together’. This proves it.”

Ms Palaszczuk last week blindsided the federal government by announcing that the state’s preferred option for a main Olympic stadium was a redevelopment of the Gabba, while calling for a 50/50 funding split with the Commonwealth.

While the project was uncosted, she said it would likely cost about $1bn and expand the famous ground from 42,000 seats to 50,000 seats.

The federal government is neither backing nor rejecting the Gabba proposal, but is seeking to have the Olympic Infrastructure Agency assess it and make a joint decision at a later point.

Mr Coates said he was very pleased to hear of the 50/50 funding split model with shared governance.

“It will be so very important if we’re elected by the IOC to host the Games,” he said.

“With this shared governance we will overcome any political divide and ensure that these are Games for SEQ, Queensland and all of Australia.”

The Prime Minister’s representative on the Olympics bid, Ted O’Brien, said the shared funding meant shared governance and a close eye on spending.

The Gabba provides a central link between the city, Suncorp Stadium and other spectator centres via walkways and public transport.

“The federal government will insist on fiscal discipline and an embrace of the new norms’ which discourages unnecessary spending,” he said.

“The Gabba will be treated like any other project – whether it stacks up as value for money is yet to be tested.”

In February, Brisbane was named by the IOC as the preferred candidate to host the 2032 Olympic Games, opening up a “targeted dialogue” with Queensland’s bid committee and the Australian Olympic Committee.

Queensland’s bid, formally lodged in September 2019, could go to a vote as early as the Tokyo Olympics.

Brisbane Lord Mayor Adrian Schrinner said Mr Morrison’s announcement was the final piece in the “Olympics jigsaw“ that the Council of Mayors SEQ started working on six years ago.

“This federal funding agreement is far more generous than what was offered to Sydney for the 2000 Olympics and it’s a massive win for Brisbane and Queensland,” he said.

“The state government now has absolutely no reason to complain about a lack of federal government support.

Originally published as Brisbane 2032: Federal Government agrees to fund half Olympic Games costs