Queensland and federal governments strike funding deal for 2032 Olympic and Paralympic Games

Australia Broadcast Center

12 hours ago

A new deal has been struck between the Queensland and federal governments to fund venues — including a major stadium — for the 2032 Olympic and Paralympic Games.
Billions of dollars in federal funds initially earmarked for an indoor arena will now go towards minor venues and the new stadium at Victoria Park.
Under the new deal, the state and Commonwealth will jointly pay for the construction of minor venues through a 50:50 funding split.
About $1.2 billion in federal funds will also go to the new stadium at Victoria Park, while $584 million will be held in reserve to go towards the stadium or minor venues.
Deputy Premier Jarrod Bleijie said the deal delivered certainty for infrastructure delivery for the Brisbane Games.
"Today's landmark agreement is the beginning of a new partnership that sets the pathway to deliver 2032 as the best Games ever," he said.
The state and Commonwealth will stick to the $7.1 billion funding envelope they had previously agreed to.
The federal government will continue to chip in $3.435 billion, while the Queensland government will pay the remainder.
Federal Infrastructure Minister Catherine King described the federal government's investment as "unprecedented".
"Our agreement with Queensland will see both governments work together to deliver 16 new and upgraded venues across the state and a new Brisbane stadium at Victoria Park," she said.
The Commonwealth had previously committed $2.5 billion of its funding towards the construction of a new indoor arena at Roma Street.
The new LNP state government scrapped the proposal several months ago, instead announcing its desire to deliver a privately-backed indoor arena at Woolloongabba.