HomeFinanceBrisbane 2032 Olympics Face Early Budget Blowout

Brisbane 2032 Olympics Face Early Budget Blowout

Brisbane 2032 Olympics Face Early Budget Blowout

Australian Minister for Sport, Richard Colbeck, has revealed the Brisbane 2032 Olympic and Paralympic Games hosting will likely cost more than the initial agreed $5 billion fee.

This comes as the Commonwealth Government and Queensland Government are in discussions over the makeup of the Games Organising Committee, which according to an ABC report, have led to conflict between the Governments.

This comes after Queensland premier, Annastacia Palaszczuk was named the Minister for the 2032 Games, which will see her nominate five independent directors for the Games, one of which is the president, with approval required from the Australian Prime Minister and Queensland premier.

In the nomination process of the directors, the Queensland Premier and Prime Minister will each nominate four members, with one of those four from either party becoming vice presidents on the Games board.

The report also confirmed one of the five independent directors will be an Indigenous Australian.

On the budget concerns, Colbeck said the proposed $1 billion redevelopment of the Brisbane Cricket Ground (The Gabba) was not expected by the Federal Government.

“It’ll probably be a bit more than five [billion], given the infrastructure for transport and the infrastructure for the Games,” Colbeck told 4BC.

“The Gabba announcement was a bit of a surprise to a lot of us, but that’s what’s prompted the process that we’ve put in place now, the agreement… with respect to 50/50 funding of the Games infrastructure.

“We said, if we’re going to be 50% partners, we’ll be genuine 50% partners in this entire process.

“That goes to the arrangement that we agree to form the Organising Committee, but there’s also going to be an inter-Governmental agreement between the states and the Commonwealth.

“That will provide us with a genuine partnership in the overall process of delivery of that infrastructure, including some of the strategic decision-making that’ll be undertaken as well,” he said.

The Olympic and Paralympic Games Arrangements Bill 2021, which will officially determine the commitments from the state government and the Commonwealth Government for the Organising Committee, is expected to be introduced to Queensland parliament in the coming weeks.

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