Brisbane Olympic Games funding not guaranteed says Albanese

The Gabba redevelopment has a price tag of $2.7bn.

Prime Minister Anthony Albanese has signalled the federal government’s funding commitment to the 2032 Olympic Games may fall well short of the Queensland government’s expectations.

A 50/50 funding split between federal and state governments was pledged by the previous Morrison led Coalition government under condition it had an equal say in how the money was spent.

But a worsening global economic outlook has tempered the Albanese government’s spending commitments, with sources suggesting back room talks are afoot to lower the Queensland government’s funding expectations.

Spiraling inflation and rising interest rates have forced the federal government to clamp down on cash handouts for a swathe of projects, instead focusing on dealing with the effects of the rising costs of living.

“Federal funding for the Sydney Olympics was nothing like 50:50, but we’ll discuss cooperatively with Queensland,” Albanese told The Courier Mail.

Albanese also talked about the proposed $1 billion redevelopment of the Gabba, saying it was necessary to “get the right piece of infrastructure for the long-term for Queensland”.

“There is no doubt the Gabba will be central to the Olympics … so it’s absolutely vital that it be got right,” he said.