Officials from Brisbane are confident a bid could materialise for the 2032 Olympics and Paralympics ©Getty Images

Brisbane formally entering the race for the 2032 Olympic and Paralympic Games has moved a step closer after a feasibility study gave a possible bid from the Australian city the green light.

The report which arose from the 18-month study did warn, however, that significant investment would be required to upgrade transport networks and roads in the region if the bid is to have any chance of being successful.

According to ABC, the feasibility study estimated an Olympics and Paralympics in Brisbane would cost AUD$900 million (£491 million/$642 million/€566 million), around AUD$300 million (£164 million/$214 million/€189 million) less than last year's Commonwealth Games in Gold Coast.

Renovations to transport links and roads are not counted in this cost but the study claimed they are required regardless of whether Brisbane hosts the 2032 Games or not.

Officials in Queensland are confident a bid from Brisbane could materialise but considerable funding would need to be injected by the Federal Government.

"First and foremost, there would have to be agreement on all levels of Government," Queensland Premier Annastasia Palaszczuk said, according to the Sydney Morning Herald

"Secondly, we would have to see a very strong contribution from the Federal Government, the likes of which we saw for the Sydney Olympics, and we have not had any of those conversations with the Federal Government."

Another major stadium would have to be built in Queensland to go alongside the Suncorp Stadium if Brisbane hosts the Games ©Getty Images
Another major stadium would have to be built in Queensland to go alongside the Suncorp Stadium if Brisbane hosts the Games ©Getty Images

The report also said some of the facilities in Queensland would need to be upgraded.

The Council of Mayors has already reportedly admitted another major stadium would have to be constructed in the region to go alongside the Suncorp Stadium, primarily used for rugby league, rugby union and football. 

Events would be held across Queensland, including in Gold Coast and the Sunshine Coast, if the region hosts the 2032 Olympics and Paralympics.

International Olympic Committee (IOC) President Thomas Bach confirmed Brisbane's interest in bidding for the 2032 Games last year.

Australian Olympic Committee head and IOC member John Coates informed Bach that the city was considering entering the race.

Officials in Australia will have the opportunity to pitch their bid to Bach when the IOC President attends the SportAccord World Sport and Business Summit in Gold Coast in May.

A joint effort from North and South Korea is among the main contenders for 2032 at this early stage and officials from the two countries presented their plans to the IOC at a meeting in Lausanne earlier this month.

Indonesia has formally entered the running, while further bids could come from Germany and India.

The IOC is not due to elect a host city for the 2032 Olympics and Paralympics until 2025.