Annastacia Palaszczuk plans to share 2032 Olympic Games costs with Canberra and councils

Annastacia Palaszczuk will look to the federal government and local councils to share the costs of hosting the 2032 Olympics.

Queensland Premier Annastacia Palaszczuk in Brisbane on Monday. Picture: AAP

Annastacia Palaszczuk will look to the federal government and local councils to share the costs of hosting the 2032 Olympics with the state government.

As Queensland’s bid was given a boost on Tuesday with the sinking of mooted rival St Petersburg after Russia was banned from international sport for four years, business leaders called on Ms Palas­zczuk to keep the costs down.

Infrastructure Association of Queensland chief executive Priscilla Radice said governments should be looking at also seeking private sector funding for some of the costs of preparing for the Games, which would be based primarily in the southeast corner of the state. “The main part of all this is we have to make sure that while the intent would be good about delivering an Olympic Games, at the same time you have to deliver a Games that is not an impost or require special levies to ratepayers,’’ she said.

“Critically, the bid is a catalyst in building the sustainable infrastructure we need for the long term, and we believe there is ­plenty of room also for the public and the private sectors to play their part — with the ability for funding to come from both.”

Ms Palaszczuk has conceded she did not know yet how much hosting the Olympics would cost.

A detailed “value proposition assessment” provided to cabinet found the Games could create 130,000 jobs, boost tourism spending by $20bn, and deliver up to $8.6bn in new trade opportunities.

Cabinet approved the bid on the back of an assessment that Queensland had 80 per cent of the necessary venues already but would need to build or upgrade others, including an athletes’ ­village, media village and athletics stadium.

In an interview ahead of Monday’s cabinet meeting to endorse the bid, Ms Palaszczuk said a “partnership agreement was vital’’ between the three levels of government to cover the costs.

“There would have to be a partnership with councils and with the commonwealth,’’ she said. “I think that’s absolutely vital that we have a partnership there. But also, too, we’re talking about infrastructure over 12 years that connects a growing state.’’

Ms Palaszczuk didn’t answer when asked whether she would be willing to commit the government to go further into debt to fund the Games. “What I’m saying is any additional infrastructure that’s needed, you’d have to be under a partnership agreement,’’ she said.

Touring Queensland on Tuesday, Anthony Albanese said he supported the bid.

“It will create jobs in construction in the lead-up to the Games if the bid is successful, but also significant tourism opportunities, not just while the Olympics would be held but an ongoing basis,” the federal Opposition Leader said.

Fresh from hosting the 2018 Commonwealth Games, Gold Coast Mayor Tom Tate is hoping some of the biggest sports, including swimming, marathon and surfing, could be staged on the Glitter Strip.

He is already compiling an infrastructure wish list of a heavy rail connection to the Gold Coast airport, a second motorway between the city and Brisbane, fast trains and extra dams. He said ensuring current sporting facilities were utilised would make sure the bid was value for money.