Queensland and Federal Governments agree $7 billion funding for 2032 Brisbane Games venues

A $7 billion funding agreement for Brisbane's sporting and event venues ahead of the 2032 Olympics, including a rebuilding of the Gabba and the construction of the new Brisbane Live arena has been announced by the Federal and Queensland Governments.

With the Federal Government having previously been reported as being reluctant to commit to a 50-50 split in funding for the venues, it will contribute $3.4 billion, slightly less than half of the cost.

The arrangement will apparently see the Commonwealth provide $2.4 billion for the Brisbane Live venue and a further $1 billion for other new venue and facility upgrades while the Queensland Government fund the $2.7 billion rebuild of the Gabba stadium and $900 for smaller facilities.

Originally proposed by ASM Global, the 17,000-seat Brisbane Arena will be built above the city’s Roma Street Station as part of a wider development of the site, with the new venue to have joint governance.

During the 2032 Games, the venue is likely to have a temporary 50 metre pool installed for swimming while other venues will be used for aquatic sports including diving and water polo.

Commenting on the agreement, Australian Prime Minister Anthony Albanese told ABC Radio Brisbane that it would leave a "lasting legacy" for Queensland, noting “this announcement of infrastructure funding (will) make sure that the Games provides not just a great experience while it’s on but of course, a lasting legacy for the people of Queensland.

“It’s an investment that will produce a return with increased economic activity, increased visitors ... Queensland is such a fantastic tourist destination and this will really showcase the state.”

Despite leaving the Queensland Government to go it alone on the Gabba redevelopment, Prime Minister Albanese said he supported the "entire program", adding “what you need to do is … always be looking towards the big picture and this is a visionary project for Brisbane that will make an enormous difference.”

Today’s announcement, which dwarfs the $150 million the Commonwealth contributed to the 2000 Sydney Games, does not include detail of other projects or designs.

In total it is expected there will upgrades to eight existing venues, while work will be done to create six new venues, as per the plan in Brisbane’s Olympics bid.

Images: The latest artists concept for the proposed Brisbane Live site (top) and the Queensland Government's latest concept for the redeveloped Gabba (below).