Palaszczuk made the announcement the Cabinet had "given the green light to go to the next level for an Olympics in Queensland in 2032".

The Queensland Government had been assessing the feasibility of the State bidding for the Games for several months.

A cost-benefit analysis claimed that the whole of Queensland will secure an extra 129,000 jobs during the build-up to the Games. 

The announcement clears the way for the other three members of the 2032 Games leadership group - the Federal Government, local councils and the Australian Olympic Committee (AOC) - to proceed with a bid that centres on Brisbane, the Gold and Sunshine Coasts but includes events in Townsville, Cairns and the Whitsundays.

"This is about so much more than a few weeks of sport," Palaszczuk said. 

"Hosting the 2032 Olympics and Paralympics could be a game changer and deliver 20 years of accelerated opportunity for our State.

"That’s why Cabinet has today made the decision to continue working towards securing a Games  -and we will continue to work closely with our partners to ensure we receive the financial support we require from all levels of Government.

"There’s more work to do to ensure we are in a position to put a compelling case to the International Olympic Committee (IOC).

"As I’ve said all along, we will only proceed if it is in the best interests of Queenslanders.

"A strong partnership, including the right funding commitments, is vital – and our focus now is to secure that ahead of key discussions with the IOC at the Tokyo Olympics in July next year."

AOC President John Coates hailed Palaszczuk's announcement.

"Sport unites us and inspires us," he said.

"We have a lot of work to do from here, but it's hard not to be excited about the benefits that will flow over many decades if Queensland was successful.

"This is not about a few weeks of sport. 

"It's about a decade of opportunity for sport, the community and the economy, leading into the Games - and for decades after. 

"But now we have to focus on ensuring Queensland mounts a compelling case."

Palaszczuk insisted earlier this year that only the prospect of more jobs, infrastructure and private investment would convince her to enter the race for the Games, with the politician seeking a "lasting legacy".

Coates has previously said a bid for the Olympic and Paralympic Games would not be able to go ahead without commitments to improve transport.

He claimed the AOC would not give the all-clear for a bid unless there were commitments over how infrastructure - including rail - was going to be funded.

The AOC President has overseen far-reaching changes to the bidding process for the Games, which were approved at the IOC Session in June.

Among the key changes was the ending of the traditional seven-year period before the event is awarded, along with the creation of Future Host Commissions to control the selection of cities and countries to stage the Games.

It raised suggestions the 2032 Summer Olympics could be awarded as early as 2020, but IOC President Thomas Bach later said the Games will not be awarded next year.

Norway's Kristin Kloster Aasen chairs the Summer Host Cities Commission, which features nine other members.

The Commission is tasked with advising the Executive Board and making recommendations regarding possible hosts, which would enable them to react to developments and opportunities.

They will also encourage potential hosts to elaborate their vision of the Games, with a focus on achieving a legacy for their communities and their youth.

Advice for hosts on sustainable proposals that fit long-term development plans, monitoring of public support and potential public consultations and outcomes will also form part of the Commissions' brief.