Sydney, Feb. 17 (BNA): The Australian federal government and the Queensland state government said Friday that they will spend a combined A$7.1 billion ($4.9 billion) to build new sites and renovate existing ones ahead of the 2032 Olympics in Brisbane.
The federal government will provide A$2.5 billion to develop the Brisbane Arena, a proposed 17,000-seat sports stadium, while the Queensland government will fund A$2.7 billion to rebuild the Gabba Cricket Ground, Reuters reports.
Premier Anthony Albanese and Queensland Premier Anastasia Blaszczuk said during a joint media conference that sixteen new or developed venues will receive A$1.87 billion in co-financing on a 50/50 basis between the two governments.
“This is nation building. This event is great for Queensland but also great for Australia,” Albanese said.
Brisbane will become the third Australian city to host the Summer Olympics, after Melbourne in 1956 and Sydney in 2000.
Premier Palaszczuk said Queensland already had 80% of the stadiums needed for the Games with the infrastructure expected to remain useful long after the Games, adding that the spending was about “changing the landscape of Brisbane”.
The total cost of the Games was revised down to A$7 billion from A$5 billion but Palaszczuk said it would not seek any future funding from the IOC.
The Brisbane Arena will host Olympic and Paralympic swimming and water polo, she said, completing a list of venues that will put 16 events within walking distance of each other. Construction of the Brisbane Arena is scheduled to begin in 2027 and is expected to be completed by 2030.
The Australian authorities placed great emphasis on using the existing venues for the event, including the Gabba, to host the opening and closing ceremonies as well as athletics.
Stephen Miles, Deputy Premier of Queensland, said the event is expected to deliver A$8.1 billion in economic and social benefits to the state of Queensland, and over A$17.6 billion to Australia.
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