Queensland Premier Annastacia Palaszczuk will place a bid for the 2032 Olympic Games to be held in the Sunshine State.
The games are forecast to inject over $7 billion into the economy, with 120,000 jobs in tourism, retail and construction.
The International Olympic Committee has stated it will contribute US$1.8 billion towards the operating costs of the Olympic Games to ensure the process is cost-neutral.
More than 80 percent of the venues required to host the Olympic Games already exist throughout the state.
Queensland's bid for the games involves a state-wide approach that would likely include regional cities like Townsville, the Gold Coast and Cairns.
Investigations into potential ticket sales found that the 2032 Games would be six times more popular than those of the 2018 Gold Coast Commonwealth Games.
What infrastructure plans are in place if Brisbane hosts the 2032 Olympics?
Will Brisbane get a new stadium if they host the 2032 Olympics?
Plans for a new 80,000 seat stadium were proposed in September in a bid for the 2032 Olympics. The new stadium could be the centrepiece of Brisbane’s 2032 campaign.
Officials have said, however, a 115,000 capacity stadium similar to what Sydney received isn't required. John Coates, Australian Olympic Committee president, was at the forefront of these claims.
“The maximum is 60,000, that’s what’s been provided in Tokyo, that’s what London has provided.” Mr Coates said.
The Premier has reinforced Mr Coates comments, today saying "We can look at existing infrastructure. We don't have to build huge venues that will not be used into the future."
Potential locations for the proposed venue include QE2 Stadium at Nathan, the RNA Showgrounds and the Mayne Rodd Rail Yards at Bowen Hills and Albion Park.
Fine details of the stadium are yet to be revealed, however, upgrades to the Gabba, Suncorp Stadium, the Sleeman Sports Complex and Queensland Tennis Centre will likely be part of the bid.
What is the economic impact of the 2032 Olympic games in Brisbane?
Taxpayers can expect to be set back an estimated $900 million for the new Olympic stadium alone. Billions of dollars will be required for road improvements, as well as public transport upgrades and other infrastructure requirements.
The games are reported to bring in $7 billion into the economy, an additional 100,000 visitors to the region, as well as 10,500 competing athletes. There have been 120,000 forecasted jobs if the games were to go ahead.
Experts have pointed towards Sydney’s ongoing economic benefit from their Olympic campaign, with the NSW capital hosting major events in the following years, bringing the world’s attention to the capabilities of Australian individuals and organisations.
The games are also designed to also promote Brisbane and South East Queensland to the world as a premiere tourism destination on the level of Sydney and Melbourne.