The huge sum Olympics would earn for state

 

QUEENSLAND would reap a $22 billion economic windfall from hosting the 2032 Olympics - and half of that would go to the regions.

The Courier-Mail understands the whopping economic benefit figure is contained in research being undertaken by the Queensland Government as it considers whether to proceed with the 2032 bid.

The same research indicated the Commonwealth Games was worth about $3 billion to the Gold Coast economy.

Premier Annastacia Palaszczuk expects Cabinet to make that decision within a month.

The research shows that Queenslanders are united in their support for the Olympic bid, but only if it can be proven to be cost-effective.

Under the International Olympic Committee's new candidature process, the bidding country will likely finish square or make a profit on future Olympic Games.

Queensland would be the recipient of a $US1.9 billion ($2.77 billion) IOC handout to help with a new stadium and athletes' village, and southeast Queensland already has 85 per cent of the venues required for an Olympics.

Ms Palaszczuk will tell business leaders today at a CEDA lunch that she believes a Queensland Olympic Games would be transformational.

She wants Queenslanders to provide feedback on whether the government should proceed with the bid.

 

An artist’s impression of how an Olympic stadium in Brisbane could look. Picture: Ubris
An artist’s impression of how an Olympic stadium in Brisbane could look. Picture: Ubris

 

"I think it will be a game-changer,'' she said.

"But I want to hear what Queenslanders think.

"It's important that we get Queenslanders on board and supportive.''

Ms Palaszczuk believes Brisbane is on the cusp of becoming a world-class city, with Queen's Wharf, a new airport runway, new entertainment centre and cruise ship terminal to be completed by 2023.

The $6 billion Cross River Rail project is also seen as a vital part of the Olympics infrastructure mix.

Under the IOC's new candidature model, Queensland would need to formally lodge a bid for the 2032 Games before Tokyo in July next year.

Ms Palaszczuk has commissioned a special taskforce to investigate the cost and economic benefits and disadvantages in pursuing an Olympics.

The Federal Government has contributed $10 million to help with the analysis.

The Council of Mayors (SEQ) has been working on a possible Olympics bid since 2015.

It believes a bid would fast-track much needed vital transport infrastructure, including a second M1 and fast train network between the Gold and Sunshine coasts and Brisbane.