Brisbane’s National Aquatic Centre will now cost $1.2bn, double the forecast cost of $650m in March

Building Brisbane’s National Aquatic Centre will cost $1.2bn – almost double the price forecast by Swimming Australia when it was first proposed.

A render of the National Aquatic Centre and Precinct in Brisbane for the 2032 Olympic Games. Picture: QLD Government

• Editor’s view: Finally on track?
• Big vision: World’s best called in

Building Brisbane’s National Aquatic Centre will cost $1.2bn – almost double the price forecast by Swimming Australia when it proposed the venue for the 2032 Games.

The figure, revealed by Games Independent Infrastructure Authority chair Stephen Conry, compares to $650m claimed in March when the venue was endorsed by the state government to host Olympic and Paralympic swimming.

It will make the National Aquatic Centre the second most expensive Olympic venue after the $3.8bn main stadium at Victoria Park – less than 1km away.

It is understood the aquatic centre will be funded in partnership with the federal government.

“The more realistic cost of the NAC which is being put in the plan … is more than $1bn,” Mr Conry said.

He noted the scope of the proposal had not differed significantly from the one put forward by Swimming Australia in February at a cost of $650m.

“We just had to be more realistic,” Mr Conry said.

The infrastructure boss argued the aquatic centre, flagged to become the headquarters of Australia’s aquatic sports, would service the state for “generations to come”.

Games Independent Infrastructure Authority chair Stephen Conry. Picture: Richard Walker

“It’s a magnificent asset for the country and (it’s) exciting Brisbane will be the home of the NAC,” he said.

“We’re building a legacy for future generations.”

The significant cost increase is unlikely to surprise many Games stakeholders who privately questioned the forecast put forward by Swimming Australia and accepted by the state government.

In March Deputy Premier Jarrod Bleijie, speaking about the infrastructure for tennis and the aquatics centres said “we know the cost”.

A render of the National Aquatic Centre and Precinct in Brisbane for the 2032 Olympic Games. Picture: QLD Government

He said GIICA would be tasked with working with the private sector to save taxpayer cash.

Mr Conry said the tight time frame of his 100-day review earlier this year meant a panel of experts couldn’t cost the National Aquatic Centre or fit it into the existing $7.1bn funding envelope.

However, removing the $2.5bn Brisbane Arena from the envelope to be funded by the private sector has unlocked cash for the aquatic venue and rowing in Rockhampton.

Despite his 100-day review arguing Rockhampton’s Fitzroy River did not have the space to host an Olympic event, Mr Conry this week said GIICA was attempting to make it work.

“The Premier has been very clear on his expectations around rowing,” he said.

“The assessment work is underway in time for further reviews by the International Olympic Committee and World Rowing.

“Every possible work that can be done to assess all that (field of play and onshore space restrictions) and make it work is underway.”

A render of the National Aquatic Centre and Precinct in Brisbane for the 2032 Olympic Games. Picture: QLD Government

He backed Mr Bleijie’s new laws to bypass planning laws to prevent legal challenges and delays to Olympic-related infrastructure.

“When you’re on a non-negotiable time frame any efficiencies afforded by government laws is to be welcomed when you’re delivering for the greatest show on Earth,” he said.

Mr Conry said planning work was progressing well and indicated the construction phase would be “perfectly on time in term of commencement”.

“The worry always is you don’t know what you don’t know,” he said.

“There’s never a new development or cones or site that doesn’t have some issues that are identified and then dealt with.”

Technical work is underway at Victoria Park but construction is unlikely to start until the end of 2026 or early 2027.

Mr Conry said Queenslanders were more confident about the Olympic Games following the release of the March delivery plan.

“The seven years will go quickly … any controversies will fall by the wayside as days go by,” he said.

“People thought Expo was controversial, now we have South Bank,” he said.

“People thought the Inner City Bypass going through Victoria Park was controversial … couldn’t imagine not having it.

Originally published as Brisbane’s National Aquatic Centre will now cost $1.2bn, double the forecast cost of $650m in March