The Queensland Government has confirmed that it will pump AUD59.3 million (£33.2 million/$40.1 million/€38.8 million) over four years and a further AUD4.7 million (£2.6 million/$3.25 million/€3.1 million) per year to help organisers get ready for the Games in 10 years’ time.

The funding support has been allocated for the planning and design of infrastructure for Brisbane 2032, including venues and Athletes’ Villages.

It is also set to help support preparation for the Games’ legacy programme as well as transport projects being delivered in south-east Queensland.

Elite athletes from the region are also expected to benefit with AUD31.4 million (£17.67 million/$21.7 million/€20.62 million) allocated for Queensland’s high-performance strategy over two years from 2023 to 2024 to help them prepare for Paris 2024.

A further AUD100 million (£56.3 million/$69.1 million/€65.7 million) is to be invested over four years to establish the "Go for Gold Fund" programme, with the aim of delivering new and upgraded sports infrastructure for schools across the state.

"The announcement of Queensland as the host of Brisbane 2032 presents Queensland with the opportunity to showcase the state on the global stage and leave a legacy that will define the state for decades to come," Queensland's budget strategy reads.

"In addition to the direct benefits and jobs from Brisbane 2032, the event will create ongoing benefits through increased trade and investment activity.

"The 10-year horizon to Brisbane 2032 provides for the state to effectively progress planning, design and delivery of critical infrastructure which will both support south east Queensland’s long-term growth and enable successful delivery of Brisbane 2032.

"The Queensland Government continues to work closely with Games Partners, including the Australian Government, on funding arrangements for Brisbane 2032 as part of this critical planning work."

Queensland’s Deputy Premier Steven Miles said it was crucial that housing, infrastructure and other services were in place to cater for a growing population and in preparation for Brisbane 2032.

"After consultation we’ve expanded our strategy with 183 priority actions, including a stronger focus on sustainability, affordable housing, innovation, and improving infrastructure delivery," said Miles.

"The strategy signals to communities and the private sector that we want to work together in delivering the infrastructure we need to support jobs, investment and liveability across the state.

"It will help realise Queensland’s potential as a renewable energy superpower and create a powerful legacy from the Brisbane 2032 Olympic and Paralympic Games."

Last October, then-Australian Sports Minister Richard Colbeck admitted hosting the Games was likely to cost more than the initial budget of AUD5 billion (£2.7 billion/$3.7 billion/€3.2 billion).

Brisbane was rubber-stamped as the host city for the 2032 Olympics and Paralympics at the International Olympic Committee (IOC) Session in Tokyo in July last year.

It was the sole candidate presented to the Session after being targeted by the IOC under its new process for selecting hosts for the Games.

Australia has staged the Olympics twice before, in Melbourne in 1956 and Sydney in 2000.