New funding agreement between Australia and Queensland to boost Brisbane 2032 venues

The Gabba will receive AUD $2.7 billion worth of redevelopment funding from the Queensland Government while the Federal Government will provide AUD $2.5 billion for the development of the Brisbane Arena 23 Feb 2023

More than AUD $17.61 billion is expected to be generated in economic and social benefits across Australia through the delivery of Brisbane 2032.

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By IOC and IPC

The Australian and Queensland Governments announced that a funding agreement has been reached to deliver critical venues and infrastructure for Queensland. This infrastructure is proposed for use during the Brisbane 2032 Olympic and Paralympic Games, leaving an enduring legacy in the state.

The Queensland Government will fund the AUD $2.7 billion redevelopment of the Gabba while the Federal Government will provide AUD $2.5 billion for the Brisbane Arena development. Sixteen new or upgraded venues will receive close to AUD $1.87 billion in co-funding on a 50/50 basis between the two governments.

Paralympics Australia embraces the Federal & QLD Governments’ major agreement on funding for the Brisbane 2032 @Paralympics & Olympic Games, which will deliver venues & infrastructure that align with our strategic & legacy goals for the Games.

More: https://t.co/JZnbW9nAxV pic.twitter.com/TVZx0RRwEI
— AUS Paralympic Team (@AUSParalympics) February 17, 2023

Andrew Liveris, the President of the Brisbane 2032 Olympic and Paralympic Games Organising Committee, made the following statement in response to the announcement:

“We are pleased the Australian and Queensland Governments have come to an agreement on funding critical venues and infrastructure proposed to be used during the Brisbane 2032 Olympic and Paralympic Games.

“More than AUD $17.61 billion is expected to be generated in economic and social benefits across Australia through the delivery of Brisbane 2032.

“(The) announcement from the Australian and Queensland Government reflects this forecast being brought to life through jobs, economic growth and community benefits that will be generated before, and continue on long after, the Games.

“Congratulations to the Australian and Queensland Governments for reaffirming their commitment to using existing venues wherever possible and delivering new venues only where they are needed for the long-term benefit of the sport industry and community.”

According to the Brisbane 2032 Master Plan, 84 per cent of proposed venues are existing or temporary. Any upgrades or new venues being delivered are part of an accelerated infrastructure program. This is infrastructure that was required to meet the needs of the growing local population, and it has been accelerated to maximise the benefits of Brisbane 2032.