It is earmarked for Games-related infrastructure projects, likely to include the velodrome in Brisbane.

The money was announced by Federal Treasurer Joe Hockey during the coalition government's first budget today.

"Three new sports and leisure centres at Carrara, massive new facilities at Coomera, we'll be upgrading squash facilities, new hockey pitches, the athletics track at Carrara," ABC News reported Nigel Chamier, chairman of the 2018 Gold Coast Commonwealth Games Federation, as saying.

"It's all a great win for the Gold Coast."

The funding is expected to create a large number of jobs during construction.

Federal Parliamentary Secretary to the Treasurer, Steven Ciobo, said of the funding award: "It's more than Melbourne received from the Federal Government for the Melbourne Commonwealth Games.

"The Commonwealth Games traditionally have always been funded predominantly by state governments and that will continue to be the case in Queensland."

The money will go towards a host of infrastructure projects, and could include work on the site of the Commonwealth Games Village ©Queensland Government



He added: "The allocation of that money has not yet been decided, that's something that we'll be negotiating with the Queensland Government."

Gold Coast 2018 is due to begin on April 4 and run until April 15.

Before then, Australian athletes will be travelling to the other side of the world for the Glasgow 2014 Commonwealth Games, which take place in the Scottish city from July 23 to August 3.

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