The Queensland Government has announced it will turn to private investment to fund part of the infrastructure for the Brisbane 2032 Olympic and Paralympic Games, including the main stadium, estimated to cost $3.7 billion. The decision, driven by State Treasurer David Janetzki, aims to limit public spending and attract capital through public-private partnerships, marking a shift from the previous Labor Government’s strategy, which opposed this type of financing.

At an event hosted by the Committee for the Economic Development of Australia, Janetzki detailed that a specialized unit within Queensland Treasury will begin operating on August 1 to develop investment models attractive to the private sector. In addition to the stadium, similar agreements are planned for other Olympic venues such as the aquatic center, the Brisbane Arena, and the Olympic Village, as well as for the Brisbane Live Arena, which is estimated to cost $2.5 billion.

A strategy that redefines the Olympic funding model

The state government’s new approach includes key projects like the Olympic Stadium in Victoria Park, with a capacity for 63,000 people, and the aquatic center, estimated at $650 million, though the latter has sparked debate over its true cost. Also included is the Brisbane Live Arena, a multipurpose venue that was initially publicly funded but will now be built through a public-private collaboration, as confirmed by Deputy Premier Jarrod Bleijie.

Despite these definitions, the Federal Government has yet to formally approve the proposed changes to the previously agreed cost-sharing arrangement with Queensland. State Premier David Crisafulli has insisted that all projects must stay within the financial cap of $7.1 billion agreed with Canberra, to avoid intergovernmental tensions. Beyond the sporting aspect, the new strategy aims to position Queensland as an attractive destination for private investment, even in sectors like energy, thus redefining how Australia funds its major national projects.