In a major announcement for the 2032 Brisbane Olympics, a $7 billion deal has been struck by the Queensland (QLD) and Australian Governments, Australia Prime Minister, Anthony Albanese, and QLD Premier, Annastacia Palaszczuk, said to be signing the deal today.

The Gabba is set to undergo a massive redevelopment, where the state government will contribute $2.7 billion to the project, while the federal government is committing $2.5 billion for its development.

Additionally sixteen other venues, including the Sunshine Coast stadium and the Brisbane Aquatic Centre, will receive roughly $1.9 billion from both governments in a 50/50 split.

The funding deal will also include a planned 18,000-seater stadium in Roma Street.

Confirming the deal, Australian Prime Minister, Anthony Albanese, said: “I’m on my way to Brisbane with Premier Palaszczuk. We’re announcing a $7 billion infrastructure funding deal for the Brisbane Olympics.”

“Once the Olympics and Paralympics are over, it will be a venue for Queenslanders.

“We’re putting it in place really early to make sure that the Games provide not just a great experience for while it’s on but of course, a lasting legacy for the people of Queensland,” he said.

Albanese also commented on Cross River Rail project, saying it will make an enormous difference for the public’s travels around Brisbane.