Australia's Prime Minister at the time it was awarded the Games in 2021, the Liberal Party's Scott Morrison, had pledged an equal split between both Governments to fund the multi-sport event, but his successor Anthony Albanese of Labor had refused to commit to this.

Today's funding plan is close to a 50-50 split, with the Federal Government expected to contribute around AUD$3.44 billion (£2.0 billion/$2.3 billion/€2.2 billion).

The total package is significantly higher than the AUD$5 billion (£2.9 billion/$3.4 billion/€3.2 billion) mooted as part of Brisbane's bid for the Games.

Redevelopment of main venue the Gabba, which is most associated with cricket, is set to be entirely funded by the Queensland Government in an AUD$2.7 billion (£2.3 billion/$3.2 billion/€3 billion) package, although this is proving controversial in Brisbane.

The plans include the closure and relocation of the heritage-listed East Brisbane State School from December 2025, and have increased from an initial estimate of AUD$1 billion (£570 million/$680 million/€640 million).

The Queensland Government claim that redevelopment is required to improve disability access, facilities for women and its ability to host future sporting events.

Queensland Premier Annastacia Palaszczuk had insisted that it was important to incorporate the project with other State initiatives, including Cross River Railway, the Brisbane Metro and a new bridge.

"It must be upgraded to maintain our competitiveness for international sport and events," she said.

"When it’s done, this stadium will shine for Queensland, and so will the area surrounding it.

"Woolloongabba has the potential to be the next bustling precinct, but that can’t happen without a coordinated approach."

The Gabba's capacity is around 42,000, but this is reduced for international cricket and Australian rules football matches to make way for electronic scoreboards and corporate facilities, and International Olympic Committee (IOC) requirements dictate that it should hold at least 50,000.

The main project covered under the Federal Government's contribution is a new AUD $.5 billion (£1.4 billion/$1.7 billion/€1.6 billion) Brisbane Live Arena, set to hold 18,000 spectators and swimming and water polo events at Brisbane 2032.

It is additionally set to serve as a live entertainment venue, with the pool able to be removed.

This is set to be situated close to the under-construction Roma Street Cross River Rail station, which it is planned will become the State's "most significant transport interchange".

Palaszczuk has claimed that 80 per cent of required infrastructure for Brisbane 2032 is in place.

Upgrades are planned for a further nine existing venues across Queensland, and five new venues are due to be built.

Albanese revealed that the announcement of the funding package followed fruitful discussions with the Queensland Government.

"The 2032 Olympic and Paralympic Games will be the largest event that’s ever been held in Queensland," he said.

"The Australian Government has worked cooperatively with the Palaszczuk Government to secure infrastructure projects that will have a long-term and transformational impact on Queensland as we count down to 2032.

"My Government is ensuring that every dollar that is invested has lasting benefits, not just for Brisbane but for all Queenslanders and all Australians."

Brisbane was the first city awarded the Olympic and Paralympic Games under the IOC's controversial new bidding process in which its Future Host Commission identifies and proposes its preferred candidate from interested parties to the Executive Board without a transparent and open process.