Australian and Queensland governments sign agreement to fund Brisbane Olympics infrastructure

The Commonwealth has agreed to contribute just under half the cost of building the 2032 Olympic Games venues, under a deal struck with the Queensland government.

The federal government will provide no more than $3.43 billion towards the building of 17 new and upgraded venues for the Games, with the infrastructure expected to cost $7.1 billion in total.

A significant proportion of that contribution will be spent on the new 63,000-seat stadium at Victoria Park and 25,000-seat National Aquatic Centre in Spring Hill.

The agreement includes a stipulation that a plan be developed to improve access to green space at Victoria Park. (ABC News: Mark Leonardi)

Governments to share naming rights

The Intergovernmental Agreement (IGA) gives the Commonwealth seats on the Brisbane 2032 Organising Committee Board and is contingent on the state government developing a plan for Victoria Park which has a "focus on improving access to green space".

"We can guarantee you that every part of Victoria Park that's not stadium will be green space," Queensland Minister for Sport Tim Mander said.

Bid to to derail plans to build Olympic venue in Brisbane Photo shows A greenspace. Tall city buildings are visible beyond the park's trees, in the distance. An application to prevent the development of a 63,000-seat Olympic stadium at Brisbane's Victoria Park has been lodged with the federal government.

The Queensland government has also agreed to involve its federal counterparts in naming the Victoria Park stadium and will establish a plaque at the venue acknowledging Commonwealth support.

It has long been International Olympic Committee policy that brand names be kept off venues used for the Games.

However, the Los Angeles 2028 Olympic Games organisers recently announced they were breaking with that policy and allowing companies to sponsor stadiums and arenas.

The chair of the LA Games, Casey Wasserman, said the many millions of dollars these sponsorship deals bring in is essential for an Olympic Games which doesn't have a government as its primary funding source.

The IGA for the Brisbane 2032 Games also prevents the state government from selling or offering long-term leases on Olympic venues for 25 years, unless the federal government agrees to it.

If they are sold or leased in future, the federal government will be entitled to a cut.

The agreement provides funding and planning certainty. (Supplied: Queensland Government)

'Get on with it'

Mr Mander said the Queensland government was required to demonstrate to the Commonwealth that the venues will be built on time and on budget, and represent a good use of taxpayer funds, before the funding deal could be reached.

He said the IGA is an endorsement of that plan, and demonstrates a spirit of cooperation which will help make the games a success.

" There's now no excuses; we've just got to get on with it and get stuff built. "

In total, 37 venues across 11 Queensland cities will be used to host the 28 Olympic and 22 Paralympic sports.

Brisbane 2032 Olympic Games venues announced so far Photo shows An illustration of a cityscape with two transparent buildings where the athletes village will go. The Queensland state government has announced its plans for the 2032 Olympics, offering a first clear insight into the stadiums and venues to be featured during the Games.

However, which sports will be included in the games won't be determined until an IOC meeting next year, leaving Brisbane 2032 organisers having to create a venue plan without knowing exactly which sports they need to cater for.

"Of course, some of them will be bleedingly obvious, where they will be. There will be others that will need to be worked out," Mr Mander said.

New sports can be added to each Olympic Games, on top of the 'core' events.

At LA 2028 there will be six additional sports: cricket, baseball, flag football, lacrosse, squash and softball.

Mr Mander said he didn't expect to be adding as many as that to the Brisbane 2032 schedule.

"It is important to know that any additional sports, outside the 28 core sports, those costs have to be born by the host."

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