BRISBANE, Australia — The International Olympic Committee on July 21 announced that Brisbane will host the 2032 Olympics.
In the northeastern state, Queensland, small businesses are urging the state government to ensure they get a slice of the 2032 Olympics pie.
The Chamber of Commerce and Industry Queensland (CCIQ) is calling for urgent talks with the government about the delivery of the Brisbane Games in 11 years’ time.
Senior Policy Adviser Gus Mandigora says there are opportunities for small and medium-sized businesses in Olympic construction, maintenance, goods and services, communications, and transport infrastructure and services.
“Now is the time to get into more detailed dialogue with the government so we can understand exactly what opportunities exist which will allow businesses to plan and invest,” he said in a statement.
“We look forward to seeing what the plan for small business is.”
Mandigora said the 2032 Games should benefit businesses right across the state, not just those in the southeast.
He said the extended lead-in to the event would allow the state government to streamline its tender process for local firms bidding for contracts and projects.
“Before we get to the delivery stage, and before spectators, athletes, and their teams descend on the southeast, there is more work to do to ensure Queensland small to medium-sized enterprises are able to reap the legacy of the games,” Mandigora said.
Media reports have estimated the total cost of the games could be as much as AU$5 billion ($3.69 billion), with the expected economic windfall to be over AU$8 billion ($5.9 billion).
There will be 32 venues, of which 84 percent already exist, but the Gabba Stadium (Brisbane Cricket Ground) and the Brisbane Live arena at Roma Street in the central business district will be redeveloped.
Expanding the Gabba by 8000 seats to 50,000 seats and a new pedestrian plaza will cost up to AU$1 billion ($738.2 million), with the federal government and the Brisbane City Council to chip in.
Premier Annastacia Palaszczuk says the operating cost of the 2032 Games will be “cost neutral” at least.
“No, all that budget’s been done about making it cost-neutral, so this is the new norm,” she said.
“So I think everybody in the past used to think: ‘Oh, an Olympics, it’s these huge stadiums and it’s gonna cost a fortune. It has cost neutral for the operating side of the Games.”
Core Logic analyst Tim Lawless said housing prices in Brisbane and parts of the Gold and Sunshine coasts will likely rise before 2032.
He said there would be more demand for housing around the Gabba in the Woolloongabba suburb of Brisbane and near other venues and transport infrastructure projects from workers during the construction phase.
Likewise, any improved public and private transport infrastructure or new social and retail outlets are likely to put upward pressure on property prices.
“As more detail comes to light about where these projects will be located, we should get a better understanding of the housing market opportunities. However, the obvious candidate for an uplift in demand is Woolloongabba and the surrounding suburbs,” Lawless said.
Brisbane is the first Olympic host to be selected under the new system designed to cut campaign costs in which the International Olympic Committee chooses from among the initial bids from potential hosts and allows the pick to open uncontested negotiations. With the 2032 Summer Games, Brisbane will become the third Australian city to host the Olympics after Melbourne (1956) and Sydney (2000).
(Edited by Saptak Datta and Krishna Kakani)
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