Up to 11,000 athletes from 206 nations could descend on Queensland if the sunshine state secures its bid to host the 2032 Olympic and Paralympic Games.
Premier Annastacia Palaszczuk on Monday confirmed her government will push ahead with developing a case for the International Olympic Committee.
It would mean an estimated 130,000 jobs for Queenslanders in the preparation stage and delivery of the international sporting event, with Ms Palaszczuk suggesting $7.4 billion in economic benefits for the state and 3.2 billion tuning in to watch.
Financial negotiations between local, state and federal governments to reach an agreement will form the next stage, as well as working out where the athletes and media villages would be located.
Australian Olympic Committee president John Coates said the International Olympic Committee would stump up $US1.8 billion ($A2.6 billion) to run the Games.
Cities have previously backed away from their hosting ambitions over concerns of cost blowouts.
Oslo withdrew its bid for the 2022 Winter Olympics, while Stockholm, Lviv and Krakow also withdrew their interest.
The 1984 Olympics in Los Angeles made a profit because it had much of the infrastructure it needed, while London’s 2012 Summer Games generated $5.2 billion compared to the $18 billion shelled out in costs.
Ms Palaszczuk says much of the sporting infrastructure Queensland would need already exists.
She suggested an upgraded Gabba could be used to host an opening ceremony, with additional transport infrastructure needed to ferry athletes and massive crowds.
The bid would be a boost in business confidence and bring economic growth, according to the Infrastructure Association of Queensland (IAQ.)
“Bidding for the 2032 Olympics and Paralympics is an incredibly encouraging step for our industry – during an era where it has faced many challenges,” says Priscilla Radice, IAQ’s CEO.
“Critically, the bid is a catalyst in building the sustainable infrastructure we need for the long-term, and we believe there is plenty of room also for the public and the private sectors to play their part – with the ability for funding to come from both.”