And the winner… is… BRISBANE!
When older Queenslanders think of Brisbane, they most likely remember how the capital city looked before and after Expo 88. But with an unprecedented 11 years to get prepared, Brisbane will create a global spectacle unlike anything else the world has ever seen before. In other words, the 2032 Olympics is going to blow Expo 88 right out of the water.
According to independent economic assessments, the Games will deliver a total economic benefit of around $8.1 billion and $17.61bn for Queensland and Australia respectively. This economic boost will be seen in both the decade before as well as after the Games. The 2032 Olympics is also set to boost an entire generation by providing 90,000 full-time jobs for Queenslanders and delivering a 4.6 billion dollar uplift to the State’s tourism industry.
The Olympics will also fast-track a generation of upgrades to South East Queensland’s road, rail, and public transport necessary for the event. These transport infrastructure enhancements include the already underway Cross River Rail project as well as plans for a second M1 to provide a link between Brisbane and the Gold and Sunshine Coasts.
The total estimated cost of Brisbane hosting the 2032 Olympic Games will be around $5 billion in today’s money. This is broken down into $1 billion for Games operations and athletes accommodation, $796 million for People management, $690 million for venues, $650 million for technology, $85 million for opening/closing ceremonies, and $30 million for the Olympic Torch relay.
The revenue will come from a combination of $2.1 billion in domestic and global sponsorship, over $950 million from international broadcasting rights, and $145 million in merchandising, as well as from total ticket sales.
As we head towards the Brisbane 2032 Games, the significant long term benefits will be realised over the coming decade, providing a legacy well beyond our generation. And not just in Queensland, but throughout Australia.
So let the Games begin.
*Disclaimer: This article is for general information only and should not be relied on as advice. You should consider your personal situation and seek advice that is specific to your circumstances before making any decisions based on this information. If there are any issues you would like us to discuss with us arising from this article, please contact us*