Queensland’s hopes of securing the 2032 Olympics has taken a major step forward with the Federal Government set to cover half of the cost of the games.

However, the offer comes with a catch: that an Olympic infrastructure agency is established, which would be jointly funded and operated by state and federal governments.

The support from Canberra narrowly came through at the 11th hour yesterday, with the Federal Government committing to providing 50 per cent of the funding for all projects linked to the Olympics bid.

Brisbane's Olympics bid
Queensland’s Olympics bid has taken a major step forward. (9News)

“I welcome the money. It’s fantastic news,” Queensland Premier Annastacia Palaszczuk told Today.

“We work best when we work together.”

The Queensland Government put forward its bold plan to transform the Gabba Stadium last week, so it could host the athletics events as well as the opening and closing ceremonies.

Brisbane could host the Olympics in 2032
Brisbane could host the Olympics in 2032 (Supplied)

The infrastructure agency would examine the project closely to determine its value for money.

“It means that the Gabba redevelopment can happen. Community facilities can happen and the road projects can happen,” Ms Palaszczuk said.

“It will set Queensland up for decades to come. It’s going to be fantastic.”

This content first appear on 9news

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