With Brisbane set to host the 2032 Olympics, you may be wondering what kind of economic impact this will have on your industry. Many within the fields of Construction, Engineering and Tourism have welcomed the news, as the projected economic benefits for these Industries are considerable.
According to analysis by KPMG, the 2032 Olympic Games is expected to deliver an estimated $8.10 billion worth of economic and social benefits across Queensland and $17.61 billion for Australia. The Brisbane Games are predicted to result in the creation of approximately 122,900 full time equivalent jobs nationally and 91,600 FTE jobs in Queensland.
Of course, these economic benefits are currently just projections. However, looking at the expenditure associated with the Sydney Olympics helps give an indication as to the magnitude of investment in construction and infrastructure that we can expect to see for the Brisbane Games.
The below table from a 2002 report by the New South Wales auditor general shows the construction expenditure for venues and infrastructure.
Given that the Sydney Olympics generated some $3 billion in construction and infrastructure spending, this gives a good indication of the scale of industry development the Brisbane Games is going generate.
To put this in perspective, the QLD government 2020 Budget highlighted a $56 billion total infrastructure program over four years, while the current total annual budget spending for the NSW government (as indicated by the 2020-21 Budget) was $107.1 billion.
The Queensland government has the longest lead up that any host city has had to deliver the Olympic Games and it’s going to be a busy 11 years in the lead up for countless workers in Engineering and Construction. While over 80% of the venues for the 2032 Games are expected to be either refurbished buildings or temporary ones, there are many new developments in the pipeline.
Some of the major new venues slated for construction include a $1 billion rebuild of the Gabba which will host the opening and closing ceremonies along with the athletics. There will also be a 12,000-seat indoor basketball arena, a 15,000-seat aquatic centre in Brisbane’s CBD and an Indoor Sports Centre at Moreton Bay. Additionally, the 10,729-bed main Olympic village will be built on Northshore Hamilton and converted to housing after the Games.
The masterplan video for Brisbane’s Olympic bid mentions “high quality road and rail” indicating potential infrastructure developments for the interlinking Olympic venues on the Gold Coast, Sunshine Coast and within Brisbane city.
There is also speculation that the Olympics could fuel a housing boom in Brisbane. A recent AFR article opened with the assessment that “Brisbane house prices could more than double by the time the 2032 Olympic Games roll around, taking median home values above $1.4 million, an economist predicts”.
The precise economic benefits are speculative of course, but there’s no doubt that this will be an exciting period for Queenslanders in construction and engineering, with many opportunities opening up across Australia as a result of the Olympics.