Prime Minister Anthony Albanese announced that the fund to fund the upcoming tournament in Queensland will be worth $7 billion.
Albanese confirmed that this funding will change a lot in the features of Brisbane and the rest of the state.
"I know what these Games can change... They will globally enhance this great city," he said at a joint conference with state premier Anastasia Palaszczuk.
Partial funding will be provided by the Federal Government, which will contribute approximately $3.4 billion, while the Queensland Government will provide $2.7 billion.
It will develop and modernize 16 sites with joint funding of $1.87 billion, which will be shared by the local and federal governments.
Palaszczuk said that the high prices of materials were reflected in the cost of renovation and raised it to the current value, and confirmed that the landscape of the state will change after this project.
Regarding the preparations for hosting the Olympics, Palaszczuk confirmed that 80% of the infrastructure already exists, and that there is no need to request funding from the Olympic Committee.
Albanese commented on the project, “Australia is one of the fastest growing regions in the world.”
Queensland won the bid to host the 2032 Summer Olympics.