No Olympic cost blowouts in Queensland, Premier Annastacia Palaszczuk says

Queensland will not swoop in to save the 2026 Commonwealth Games as Premier Annastacia Palaszczuk confirmed it is full steam ahead for the Olympics in 2032.

Queensland Premier Annastacia Palaszczuk. Picture Glenn Hampson

Annastacia Palaszczuk says there won’t be the same cost blowouts ahead of the Brisbane 2032 Olympic Games that were blamed for Victoria’s cancellation of the 2026 Commonwealth Games.

Despite a near-tripling in the estimated construction bill of the Olympic’s centrepiece stadium, which increased from $1bn to $2.7bn in two years with the proposed redevelopment of The Gabba, the Queensland Premier said there was a tight rein on the building budgets.

Ms Palaszczuk also said her government’s balance sheets were in a “sound financial position” to deliver the suite of infrastructure needed within the $7bn joint funding arrangement with the federal government.

“We’ve done our sums, we have a very, very tight watch on those ­issues,” she said.

“We’ve actually got the secured funding from the federal government, which is $7bn, and OCOG (Organising Committees for the Olympic Games) looks after the operational aspects of the Games, and those operational aspects are to be cost-neutral.”

The $7bn figure is one of two ­official figures announced for 2032, alongside $4.9bn designated for estimated operating costs.

Ms Palaszczuk chalked up the increases in the cost of The Gabba to old figures because “they (the calculations) were done in 2020 figures … Since then, you’ve seen cost escalations and the money … has been secured. There was an increase from the federal government, which was matched by the state government.”

The Brisbane Games will be the first to operate under the International Olympic Committee’s “new norm”, introduced to allow cities more flexibility when designing the Games to meet long-term development goals and ensure host cities received more support from organisers.

As a result, Ms Palaszczuk said “these Olympic Games have been run very differently” to other events, namely Tokyo in 2018.

It was a sentiment echoed by the president of the Brisbane 2032 organising committee, Andrew Liveris, who said the new efficient model would keep a lid on costs.

“Brisbane 2032 has an 11-year runway for best-case planning and preparation,” he said.

“The ‘New Norm’ model is strategic, measured and ensures delivery is sustainable, economically viable and fiscally responsible, while delivering lasting benefits for the region that is hosting the Games.”