The Australian government has pledged AU$3.435 billion ($2.25 billion) toward the AU$7.1 billion cost of building venues for the 2032 Brisbane Olympics, clearing the way for construction to begin.
Queensland taxpayers and private investors will cover the remaining funds for the 17 new and upgraded venues, according to a funding agreement announced Thursday by state and federal officials.
“The Sydney 2000 Games left an incredible legacy, creating memories that have lasted for decades,” Federal Infrastructure Minister Catherine King said. “We are committed to delivering a Brisbane 2032 Games that will leave the same lasting impact for Queensland.”
King added that the government’s AU$3.4 billion contribution represents the largest-ever investment by an Australian government in sporting infrastructure.
Brisbane secured the Olympic hosting rights in 2021, but political disputes over venue plans delayed final approvals until March of this year.
Organizing committee chief Andrew Liveris welcomed Thursday’s announcement as a “significant shift in forward momentum.”
“I thank the Australian and Queensland governments for moving swiftly following the Australian government’s recent return to office to agree on intergovernmental funding that will ensure physical works can get underway,” he said.
The main stadium, estimated to cost AU$3.7 billion, will be built in the city’s Victoria Park and seat 60,000 during the Olympics, with an additional 3,000 seats for Australian Rules football and cricket matches after 2032.
A new aquatics center to host swimming events in 2032 will also be built nearby at an estimated cost of AU$650 million.
“Today’s landmark agreement is the beginning of a new partnership that sets the pathway to deliver 2032 as the best Games ever,” Queensland Deputy Premier Jarrod Bleijie said.
“We’ve also launched procurement on four key projects to kickstart the delivery of world-class venues in the delivery plan.
“I can also announce that we will start site investigations at Victoria Park for Australia’s most exciting sporting precinct that will be home to the new main stadium and the new National Aquatic Centre.”
Liveris said in May he did not expect any ground to be broken on the two major new venues until the end of 2026.
The federal government has already committed AU$12.4 billion for local transport improvements, which the Queensland government considers necessary for 2032, the statement said.
