Australia to spend $4.8bn on 2032 Olympic venues

Australia announced on Friday that it would spend Aus$7.0 billion (US$4.8 billion) on venues for the 2032 Olympics in Brisbane, including a new 17,000-seat arena and a revamp of the Gabba stadium. 
The summer Olympics and Paralympics were awarded to Brisbane two years ago, bringing the Games back to Australia for the third time after Melbourne in 1956 and Sydney in 2000. 
Queensland's state government will invest Aus$2.7 billion in redeveloping the Gabba, increasing seating capacity from 8,000 to 50,000. 

In addition, the federal government will fund a new Aus$2.5 billion 17,000-seat indoor stadium in Brisbane's city center. It will have a drop-in swimming pool that can be removed after the Games to make room for live events. 

Another $1.87 billion in state and federal funds will be spent on 16 new or renovated venues. 

"It was clear that we needed to step up and do our part not only to create the best Games, but also to leave a lasting legacy for Queensland and all who visit this great state," Prime Minister Anthony Albanese said at a news conference. 

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Other "significant milestones" in the run-up to 2032, according to Australia's leader, will occur. 

"This will make an enormous difference to our economy, to our lifestyle, to how Australia is perceived as well in the world, which is why it is important that we get this right. And I am confident that we have done exactly that." 

Premier Annastacia Palaszczuk of Queensland stated that 80 percent of the infrastructure for the Games was already in place. 

"This will cement Queensland's international standing, but it will also leave a lasting legacy for our athletes and young people, as well as promote a healthier lifestyle."

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