Queensland will join the race to host the 2032 Olympic Games after premier Annastacia Palaszczuk confirmed that cabinet had given the green light for the bid on Monday.
State cabinet officially endorsed the bid after a feasibility assessment detailed significant investment and economic benefits for the state.
A south-east Queensland Olympic Games could create 130,000 jobs and deliver more than $8 billion in new trade opportunities, the analysis found.
“This is about so much more than a few weeks of sport,” Palaszczuk said.
“Hosting the 2032 Olympics and Paralympics could be a game-changer and deliver 20 years of accelerated opportunity for our state.”
More than 80 per cent of venues that would support an Olympic Games are already built, while recent IOC reforms ensure host cities receive significant financial support from the committee.
Preliminary analysis undertaken in May estimated net operating costs of $5.3 billion to host the 2032 Olympic Games.
Lord mayor Adrian Schrinner said that IOC’s financial contributions may be enough to offset the cost of the games entirely.
“The operating costs of the games can be done in a cost-neutral manner,” Schrinner said.
Schrinner, along with the council of Queensland mayors, has been vocal in his support of 2032 Olympics campaign—penning an open letter to the premier in an attempt to fast-track the bid.
The premier said the bid process will be staged, with the first phase about securing financial support across all levels of government.
On Monday, the premier said that the government has “not discounted” the use of the Gabba for the opening ceremony, and flagged upgrades to the ageing QEII Stadium and Albion Park raceway for major events.
The International Olympic Committee is not expected to announce the winner until 2022, giving the state government two years to finalise its bid.
Both the opposition leader Anthony Albanese and prime minister Scott Morrison have already thrown their support behind the bid.
“We will continue to work closely with our partners to ensure we receive the financial support we require from all levels of government,” Palaszczuk said on Monday.
Queensland’s initial bid will be assessed by the IOC executive committee, before being signed off by more than one hundred Olympic delegates.
China, Germany, Indonesia and the “combined Koreas” are among rumoured early-stage bidders.