Key Points
- The federal and Queensland governments agreed on a funding deal to build venues for the Brisbane Olympics.
- One of the five new venues to be built includes a 17,000-seat Brisbane Arena at Roma Street.
- More than 80 per cent of the infrastructure already exists, said Premier Palaszczuk.
A landmark $7 billion funding deal for Brisbane 2032 Olympic venues has been signed by the Queensland and federal governments.
However, the overhaul of the Gabba stadium will be solely funded by the Queensland government, while the federal government will foot the entire bill of a new 17,000-seat Brisbane Arena at Roma Street.
The two projects will make up the bulk of the spending, while nearly $2 billion has been earmarked to upgrade existing venues and build smaller facilities.
Prime Minister Anthony Albanese and Premier Annastacia Palaszczuk signed the agreement in Brisbane on Friday.
"I know, as a Sydneysider, the difference a games can make," Mr Albanese said.
"This will consolidate this great city as a global city, as a global powerhouse."
The Brisbane arena project will include a drop-in swimming pool that will be removed after the games to create an entertainment venue.
"That will be a venue that will last for many decades into the future," the prime minister said.
Gabba rebuild will expand seating to 50,000
The state has committed $2.7 billion for the Gabba rebuild, increasing its capacity by 8,000 seats to 50,000, and land between the stadium and nearby Southbank will be declared a priority development area.
"This is about setting Queensland up not just for the next 10 years but the 10 years thereafter," Ms Palaszczuk said.
The premier acknowledged commodity prices meant the Gabba project was getting more expensive.
"This is happening with projects all around the world," she said.
More than 80 per cent of the infrastructure already exists, much on the Gold Coast which hosted the 2018 Commonwealth Games, the premier said.
Both governments will commit to jointly funding almost $1.87 billion for five new venues and upgrading nine existing venues.
The new venues include indoor sports centres at Breakfast Creek, Chandler, Sunshine Coast and Moreton Bay to host basketball, wheelchair basketball, gymnastics and boxing.
There will also be a new whitewater venue in Redlands for canoe events and potentially a new indoor sports centre at Logan for training or competition.
