‘This will cement Queensland’s place’: Eye-watering cost of Olympic facelift

An eye-watering funding deal has finally been agreed to for the 2032 Brisbane Olympic and Paralympic Games.

The federal and Queensland governments have finally agreed to an eye-watering funding deal for the 2032 Brisbane Olympic and Paralympic Games.

Anthony Albanese flew to the Queensland capital on Friday to announce a joint $7bn deal with Premier Annastacia Palaszczuk.

“The commitment today of $3.435bn from the Commonwealth will make an enormous difference,” the Prime Minister said.

“So can I congratulate the Queensland government and the Premier in particular for the work that has gone into this.

“To have Olympics and Paralympics held here will be an exciting time for Brisbane.”

Anthony Albanese congratulated Queensland Premier Annastacia Palaszczuk on the Olympic Games bid. Picture: NCA NewsWire / John Gass

Under the 50:50 funding arrangement, Mr Albanese said “billions” had been committed to a new arena, called Brisbane Live, alongside $935m for 16 new and upgraded venues across Brisbane and regional Queensland.

The Brisbane Live arena at Roma St, expected to seat about 17,000 people, will have a pool temporarily installed for the Games and has been priced at $2.5bn.

Ms Palaszczuk told reporters more than 80 per cent of the infrastructure earmarked for the Games had already been built.

“For example, a lot of the infrastructure on the Gold Coast is already there, this is a great proud legacy of the Commonwealth Games,” she said.

“This is about setting Queensland up, not just for the next 10 years but the 10 years thereafter.

“This will cement Queensland’s place internationally.”

Ms Palaszczuk said the $2.7bn price tag for the long-promised upgrade to the Gabba would be funded by the state government.

Infrastructure announced under the deal will be built or upgraded at locations outside of the capital, including the Sunshine Coast, Toowoomba, Lisbon, Logan and Cairns.