Opposition Leader Anthony Albanese has also pledged federal Labor’s support for Queensland’s bid, she said. The Olympics and Paralympics would be held between July 23 and August 8. Queensland Premier Annastacia Palaszczuk announces that the state's bid to host the 2032 Olympic Games will go ahead. Credit:AAP Image/Jono Searle The Premier revealed the Gabba was being considered as a potential site for the opening ceremony. Ms Palaszczuk said the chance of hosting the Games meant a great deal to Queensland.

“It tells the rest of the world that we are firmly on the map,” she said. Ms Palaszczuk said Queensland had an advantage because 80 per cent of the venues it needed to host the events were already built. “That means we do not need to build huge stadiums we will not need into the future,” she said. Hosting an Olympic Games these days is a very different beast. The days of the white elephant are gone. John Coates, Australian Olympic Committee In May 2019, preliminary estimates showed it would cost Queensland an estimated $5.3 billion to host the Olympics and Paralympics.

Announcing the bid would go ahead, Ms Palaszczuk said financial consultants KPMG estimated hosting the Games could generate “$7.4 billion in benefits” to Queensland, although part of that sum was not a direct financial return. Ms Palaszczuk spoke of possible upgrades to the QSAC stadium - used during the 1982 Commonwealth Games, when it was known as the QEII Stadium - and possibly Albion Park Raceway. Loading “The first is that we could upgrade QEII,” she said. “The second is that we could transform Albion into an athletics stadium suitable for the Olympics.

“In terms of the Opening Ceremony, we have not discounted the use of the Gabba. “We believe we could put on quite a show at the Gabba.” Approaches to the Gabba will be revamped as part of Brisbane’s Cross River Rail project. The Premier said preliminary planning suggested some football events could be held in Townsville and Cairns, sailing in the Whitsundays and volleyball at Broadbeach. The Council of Mayors SEQ, which has been pushing hard for the bid, welcomed the news, with chairman and Brisbane lord mayor Adrian Schrinner saying it would be a major boost for the south-east Queensland economy.

"Today is an historic day which really will create a bright future for our region, will create jobs, will create better transport and will bring more tourists to our state and our region of south-east Queensland," Cr Schrinner said. Loading He said the Olympic leaders group would meet on Wednesday, including the Premier and a federal representative, who would discuss the next steps. Federal Sport Minister Richard Colbeck and the federal representative on the board to secure the Games, Ted O'Brien, welcomed the news but cautioned there was still work to be done. The bid is contingent on major infrastructure and transport projects to connect the entire region, which Cr Schrinner said were critical even if the Olympics were not awarded to Queensland.

"Games or no Games, these infrastructure projects to move people quickly around our region have to happen. The beauty of the Games proposal is we can have a line drawn in the sand and that will focus everyone's mind to get on with delivering the job." Loading Redland City Council mayor Karen Williams said the announcement was of particular benefit to smaller councils, which could leverage off the announcement to push for key infrastructure projects. Cr Schrinner said the International Olympic Committee had assured bidding cities that the 2032 Games had to be cost-neutral.

"We know that they have cash on the table ... to make sure that the operating costs of these Games are covered. The key issue for us is not the operating costs, the key issue is investing in infrastructure across all three levels of government." Cr Williams noted the IOC had initially estimated a $900 million cost to operate the Games in Queensland, but in May had returned with an assurance any Olympics held in south-east Queensland would be cost-neutral. "They're contributing more to this particular 2032 Olympic bid, so I think we're in a really good place to ... show how the new norm will work for the rest of the world," she said. The Australian Olympic Committee welcomed the announcement, with president John Coates saying Queensland now had to focus on developing a "compelling case". “We know the business community recognises the economic benefits that will flow, but it is vitally important that the community is kept fully informed," he said.