Olympics-Brisbane 2032 Games spend likely to exceed A$5bn - Minister

FILE PHOTO: Olympics - 138th IOC Session - Hotel Okura, Tokyo, Japan - July 21, 2021 President of the International Olympic Committee Thomas Bach (C) poses with members of the Brisbane 2032 delegation (L-R) John Coates AC, President, Australian Olympic Committee, The Honourable Annastacia Palaszczuk MP, Premier of Queensland and Minister for Trade, The Right Honourable the Lord Mayor of Brisbane, Councillor Adrian Schrinner and Senator the Honourable Richard Colbeck, Minister for Senior Australians and Aged Care Services and Minister for Sport after Brisbane was announced as the 2032 Summer Olympics host city during the 138th IOC Session Pool via REUTERS/Toru Hanai

SYDNEY (Reuters) - The cost of the 2032 Brisbane Olympics is likely to exceed the A$5 billion ($3.72 billion) estimate in the pitch document but the Australian government would ensure it was spent wisely, sports minister Richard Colbeck said on Tuesday.

The federal government has promised to contribute 50% of the costs of Australia's third Summer Olympics and Colbeck admitted it had been blindsided by a Queensland government announcement of a A$1 billion rebuild of Brisbane's Gabba cricket ground.