Victoria Premier Daniel Andrews announced on Tuesday (July 18) that they were pulling out after claiming costs had risen from the original budget of AUD$2.6 billion (£1.3 billion/$1.7 billion/€1.5 billion) to AUD$6 billion (£3.1 billion/$4 billion/€3.6 billion).

"I cannot comment on their Games - I’m not involved with them," Hook told The Courier-Mail newspaper at a ceremony to unveil the Olympic Rings and Paralympics Agitos ahead of celebrations this weekend to mark nine years to go until the start of Brisbane 2032.

"What I can comment on is our Games and our regional model, which I believe is very well conceived.

"And that I’m absolutely focused on the budget - the Organising Committee will be self-funded.

"We have a long runway and more time than they did to plan, and I think that time, if used well, will be very much to our advantage."

Asked by The Courier-Mail whether the news from Victoria meant Brisbane 2032 were on "shaky ground", Hook responded, "No".

She added, "I’m confident that we are going to work hard to maximise our commercial success and then live within our means to deliver a balanced budget.

"Obviously it’s a long road, but I think we’re very much approaching this as a business where you’ve got only so much you can spend and how do you live within that?

"And the Organising Committee is committed to being cost neutral to the taxpayer."

Hook's reassurance followed a message from the Australian Olympic Committee chief executive Matt Carroll yesterday that was there nothing to worry about.

Victoria’s decision to withdraw from the 2026 Commonwealth Games when the event was due to start in less than three years’ time has led to several politicians in Australia opposed to Brisbane 2032 to renew calls for that event to be cancelled.

South Brisbane Member of Parliament Amy MacMahon, a vocal critic of the 2032 Olympics and Paralympics, has claimed that Andrews’ comments about the huge cost of the Commonwealth Games was an acknowledgment they could pose a burden on the taxpayer.

"The Palaszczuk Labor Government needs to now seriously consider whether they are going to go ahead with the 2032 Games," she said.

"This is an acknowledgment that events like the Commonwealth and Olympic Games come at a huge cost to housing, public services, schools and hospitals - a cost that burdens cities and states for decades after."

MacMahon highlighted the fact that the cost of the Gabba had already risen from AUD$1 billion (£524 million/$677 million/€605 million) to AUD$2.7 billion (£1.4 billion/$1.8 billion/€1.6 billion) "and they haven’t even put any shovels in the ground".

Brisbane City Council Lord Mayor Adrian Schrinner claimed that the Olympics offered a greater return on investment than the Commonwealth Games.

"The challenge with the Commonwealth Games is that it can cost almost as much as hosting the Olympics, but the Olympics are five times bigger and deliver more benefits," he told The Courier-Mail. 

"I can understand it’s a challenging decision to make for Melbourne, but ultimately when you look at the cost of Brisbane 2032 … and then you compare it with the benefits, AUD$18 billion (£9.5 billion/$12 billion/€11 billion) in benefits were determined a number of years ago."

Brisbane 2032 President Andrew Liveris also emphasised that his organisation is in a much better position financially than Victoria 2026 was.

"The Commonwealth Games runs on a different business model to the Olympic and Paralympic Games, particularly with respect to event delivery, infrastructure usage, and commercial revenue models," he told the Brisbane Times.

"In addition, the International Olympic Committee provides a financial contribution to the Organising Committees’ running costs, and invaluable support in learning and best practice from prior Games."