The Gabba is expected to be rebuilt for the Brisbane 2023 Summer Olympics ©SEQ Council of Mayors

Queensland Premier Annastacia Palaszczuk has said a funding envelope is in place for the redevelopment of the Gabba stadium, prior to the Brisbane 2032 Olympic and Paralympic Games.

The Gabba, known as a regular host of the Australian cricket team and also rugby and AFL football, has been billed as the centrepiece for the Olympics and Paralympics.

The venue is expected to host Opening and Closing Ceremonies.

Palaszczuk announced the plan last April, with the cost expected to be around AUD$1 billion (£556 million/$778 million/$645 million).

Capacity could be increased from 42,000 to 50,000.

The stadium hosted a press conference following the confirmation of a South East Queensland (SEQ) City Deal on Monday, which will result in a reported AUD$1.8 billion (£1 billion/$1.3 billion/€1.2 billion) worth of infrastructure investments.

The deal included AUD$450 million (£253 million/$333 million/€302 million) of funding for the Gabba Brisbane Metro Station, to deliver enhanced transport connections and support the Games in 2032.

Australian Prime Minister Scott Morrison, Palaszczuk and the Council of Mayors SEQ were present at the press conference.

Palaszczuk said demolition would be able to begin at the Gabba following the completion of the ongoing Cross River Rail project in Brisbane, with the underground network billed as a crucial transport infrastructure.

Cross River Rail is expected to be completed in 2024, with services to be tested in 2025.

"What we are doing first is finishing Cross River Rail," said Palaszczuk, who is also the Olympics Minister.

"It actually works really well, as Cross River Rail will be finished and then the demolition work can start.

"We’re doing one piece first and then the next piece.

"It’ll all be finished well in advance of the 2032 Olympics.

"The Prime Minister and I actually agree to the funding envelope for that.

"There’s no issues with that at all."

According to the Brisbane Times, Morrison said he reiterated the joint agreement on funding major infrastructure projects for the Games.

The Australian Prime Minister said there would be further discussions with Palaszczuk regarding the projects.

Brisbane was confirmed as the host of the 2032 Olympics and Paralympics last year.

The International Olympic Committee (IOC) had named the Australian proposal as their preferred bid last February, as exclusively revealed by insidethegames, which saw Brisbane enter a "targeted dialogue" phase under the new process for selecting hosts for the Games.

Brisbane was rubber-stamped as the host city at the IOC Session held prior to Tokyo 2020 last year.