Prime Minister Anthony Albanese confirms financial backing for new Brisbane Arena

Australian Prime Minister Anthony Albanese is being reported as having reaffirmed the Federal Government’s $2.5 billion funding commitment for a new indoor arena in Brisbane.

First announced in February 2023, the Federal Government agreed to split the then $7 billion funding for Brisbane's sporting and event venues ahead of the 2032 Olympics and Paralympics,

the arrangement was for the Commonwealth to provide $2.4 billion for the Brisbane Live/Arena venue and a further $1 billion for other new venues and facility upgrades while the Queensland Government funded other facilities, including the main Games stadium.

With the Queensland Government’s 100-day review into infrastructure for the 2032 Games set to announce its delivery plan on 25th March, Brisbane’s The Courier-Mail has today reported Prime Minister Albanese’s ongoing backing for the plan, advising that the importance of the venue extends beyond the Games, commenting “we’ve got money (budgeted) for an arena that’s important for the Olympics, but it’s also important for post-Olympics.

“We want young people to be able to go and - young and old - to be able to come and see festivals, to see music activity that occurs.”

Prime Minister Albanese refused to say if the Federal Government would withdraw the funds if the infrastructure review decides against the venue, pointing to the 2023 agreement, which includes $2.5 billion for the arena and funds for 19 smaller venues.

Brisbane Lord Mayor Adrian Schrinner has also called for the venue - first proposed by ASM Global - to be built in time for the Games or risk Brisbane missing out on a critical entertainment legacy.

Image shows the latest concept for the Brisbane Arena/Live project.