Victorian Premier Daniel Andrews has confirmed the 2026 Commonwealth Games will not go ahead due to financial constraints.
“We have informed Commonwealth Games authorities of our decision to seek to terminate the contract and to not conduct, not host the games,” he told reporters today.
He said the forecast figure of $2.6 billion, was looking to more than $6 billion.
“I cannot stand here and say to you that I have any confidence that even that $7 billion number would appropriately and adequately fund these games,” he said.
In a statement, the President of the Brisbane 2032 Olympic and Paralympic Games Organising Committee, Andrew Liveris, responded to the Victorian Government’s announcement to withdraw from hosting the VIC2026 Commonwealth Games.
“It must have been a difficult decision for the Victorian Government to withdraw from hosting VIC2026,” Mr Liveris said.
“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.
“In addition, the International Olympic Committee provides a financial contribution to the Organising Committee’s running costs and invaluable support in learning and best practice from prior Games.”
Mr Liveris added that the Olympics were awarded under The New Norm, “a new efficient model for Games which is designed to drive legacy outcomes for the host region, before and after the Games.”
“Brisbane 2032 has an 11-year runway for best-case planning and preparation,” he said.
“The International Olympic Committee is also leading the way on Games Optimisation to drive savings and efficiencies across Games delivery.”
READ MORE: Victorian Budget 2023 hits big business and landlords.
