'How good is Brisbane?' PM revels in Queensland capital being confirmed as host of the 2032 Olympics - while locals join delirious celebrations as their city truly steps onto the global stage

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Thousands of proud Australians erupted in cheers as Brisbane was announced as the host city for the 2032 Olympic Games, a move set to pump $17.6billion into the economy.

A fireworks display lit up the sky over the Brisbane River in Southbank on Wednesday night after the highly-anticipated, albeit inevitable, announcement was made.

Queensland was the only place on the ballot for the 2032 games, but that didn't stop jubilant Aussies as well as the Prime Minister and Queensland's state premier celebrating the triumphant win. 

Despite Covid transmission fears, Queenslanders gathered to celebrate the announcement at live sites in Brisbane, the Gold Coast, the Sunshine Coast and at Cairns, Ipswich, Toowoomba, and the Redlands Coast.  

Brightly-coloured spectators welcomed the news with thunderous applause, as Prime Minister Scott Morrison was seen jumping from his chair in Canberra. 

Queensland Premier Annastacia Palaszczuk and Brisbane Lord Mayor Adrian Schrinner flew to Tokyo for the final push with Mr Morrison attending remotely. 

President of the Tokyo Organising Committee of the Olympic Games Hashimoto Seiko sent his 'heartfelt congratulations to the people of Brisbane and Australia'. 

President of the International Olympic Committee Thomas Bach (pictured) has announced Brisbane as the 2032 Summer Olympics host city during the 138th IOC Session in Tokyo

Proud Queenslanders revelled in the news as Prime Minister Scott Morrison said 'Brisbane was shooting for the stars'

Busby Marou (pictured) will perform to the crowds gathered in Brisbane following the announcement the city will host the 2032 Olympic Games

Queensland Premier Annastacia Palaszczuk took to Twitter to share the good news later tweeting: 'Queenslanders can be proud of this historic moment.'

'I am confident that the Olympic movement will continue to gain momentum as it moves from Tokyo to Paris, from Paris to Los Angeles, and finally on to Brisbane,' he said. 

Mr Morrison was seen throwing a fist in the air via video link in his office in Canberra as coloured fireworks were set off across the state. 

'How good is Brisbane, how good is Queensland and how good is Australia?', he said, adding the city was 'really shooting for the stars'. 

'The whole world's going to see it again and we're just absolutely stoked about this. 

'Congratulations to everyone involved. To Coatesy, to Annastacia Palaszczuk and Adrian Schrinner.' 

'It's a historic day not just for Brisbane and Queensland, but for the entire country,' Prime Minister Scott Morrison said

A party atmosphere quickly followed the announcement as delighted spectators showed their approval of the decision

'It's a 50/50 partnership, we're sharing everything in doing this together, that's what we said we'd do', the Prime Minister said of the cost of the Games. 

'Share the decisions, share the cost, doing all of this for the people of Australia and the people of Queensland and Brisbane and southeast Queensland.

'That's what these Games are going to be about, Australians doing it together.'  

Mr Morrison said it was a historic day not just for Brisbane and Queensland, but for the entire country and said Australians should feel proud. 

'Only global cities can secure the Olympic Games – so this is fitting recognition for Brisbane's standing across our region and the world.

'It also marks an important leap forward for Australia as we look toward major events that lock in economic growth and social benefits that will echo for years to come.

'We know the impact on Sydney more than two decades ago was transformative. We can now expect a repeat for Brisbane and communities across Queensland.' 

Delighted families joined the crowds on the riverside as fireworks exploded across the sky

I'm so excited, I have so much pride in my state, for our people, never in my lifetime did I think this was going to happen,' Ms Palaszczuk said following the decision

Ms Palaszczuk told her state that tonight was their night to enjoy, tweeting: 'Queenslanders can be proud of this historic moment.'

'I'm so excited, I have so much pride in my state, for our people, never in my lifetime did I think this was going to happen,' she said following the decision.  

'We've done it Queensland, we've done it Brisbane, this is fantastic, it's amazing. 

Brisbane Lord Mayor Adrian Schrinner said the announcement marked a 'new era' for the city of Brisbane, as well as a new era for the Olympic movement. 

'Brisbane is a place that has been through a lot, it's been through natural disasters and floods but it's always had that determined spirit and ambition,' the Mayor said. 

'We are so excited … it's going to be so great for our city and our region and our state.'

The decision confirmed what many had expected for months, after Brisbane was named the 'preferred partner' by the IOC back in February

Brightly coloured spectators celebrate as their city is announced the host of the 2032 Olympics 

AOC President John Coates promised Brisbane, Queensland and all of Australia an Olympic and Paralympic Games of the highest standard. 

'I thank the IOC Members for their confidence. Brisbane 2032 is genuinely committed to serving the ideals of the Olympic movement,' Mr Coates said.

'The Olympic Games in Brisbane will be in the most diligent, grateful and enthusiastic hands. And I make this commitment to the athletes of the world – we will provide you with an unforgettable experience.' 

Gold Coast residents joined the celebrations of thousands of south-east Queenslanders with fireworks at Broadbeach's Kurrawa Parklands. 

Mayor Tom Tate and his wife Ruth were among the crowds and said: 'We got it Gold Coast… we got it.' 

'I have long said that the Olympics and Paralympics is about two outcomes: great sporting rivalry and the acceleration of major city-building infrastructure for our incredible Gold Coast,' he told the buzzing crowd after the announcement.  

An artist's impression of the proposed $1billion redevelopment of the Gabba in Brisbane for the 2032 Olympics

Olympic gold medalist Sally Pearson (left) is awarded the keys to the city on behalf of the Australian Olympic team by Brisbane Lord Mayor Graham Quirk in February 2012

The decision confirmed what many had expected for months, after the city was named the 'preferred partner' by the IOC back in February. 

The made in Tokyo completed a process started by former Brisbane Lord Mayor Graham Quirk back in 2015.

Brisbane also made a bid for the 1992 Olympics but finished third behind Barcelona and Paris in the official ballot held in 1986. 

As is the case before any Olympics, the predicted economic windfall from being named the host city for the Games is a key selling point for getting that city's population to support the event. 

Brisbane's bid to host the 2032 Olympics was started by former Lord Mayor Graham Quirk in 2015. The city launched an unsuccessful bid for the 1992 Olympics

Those behind Brisbane's successful bid cite an analysis conducted by KPMG which said the Olympics would deliver a 'quantifiable' economic benefit of around $8.1bn to the Queensland economy, $17.6bn into the wider Australian economy, and the creation of more than 100,000 jobs.

In a Value Proposition Assessment released last year, the Queensland government predicted an Olympics in Brisbane would result in $8.6billion in increased export opportunities and $20.2billion in international tourist expenditure. 

Perhaps Brisbane's biggest selling point is that despite the planned $5billion price tag, its Games are designed to be 'cost neutral'.

The Brisbane Olympics are hoped to be the first example of a leaner and more economically sensible approach to the event in a new strategy decided on by the IOC in 2019, with the host needing fewer new venues, a smaller athletes' village and less infrastructure built only for the event. 

While the 1976 Montreal Olympics, for example, left the city with a $1.6billion debt which crippled its finances for years, and the cost of the Covid-afflicted Tokyo Olympics is expected to blow out to $20billion from an original $12.6billion, Brisbane will rely on the fact 84 per cent of the venues are existing or temporary to defray costs. 

Olympic beach volleyball gold medallist and Queensland Olympic Council president Natalie Cook (right) high-fives a fan during an Olympics live announcement in Brisbane

The Australian Olympic Cycling team train at Brisbane's Anna Meares Velodrome, the likely track cycling venue for the 2032 Olympic Games

Queensland Premier Annastacia Palaszczuk announces the $1billion plan to expand and redevelop the Gabba stadium in April

A redeveloped Gabba costing $1billion will host the opening and closing ceremonies but other stalwart venues of the Queensland sporting scene such as Suncorp Stadium, Ballymore, the Chandler Sports Complex and the Queensland Tennis Centre will also be utilised.

Proposed new venues such as a stadium at Ipswich, a whitewater park at Redland and the Moreton Indoor Sports Centre were to be built 'irrespective of the Games', to meet the needs of a fast-growing population, according to the IOC.

Around $690million will be spent on building new venues and upgrading existing ones.

While the Brisbane masterplan mentions high-quality road and rail networks linking the south-east Queensland locations that will be venues for Olympic sports, little detail has yet been provided on what additional infrastructure will be built between now and 2032.

A $5.3billion proposal for a fast-train network between Brisbane and the Sunshine Coast, for example, was rejected last March by Infrastructure Australia as 'costly and inefficient'. 

Satellite villages for athletes and officials at the Gold Coast and the Sunshine Coast are designed to reduce the need for travelling distances across the region during the event.  

A document sent to IOC members in recent months provided further detail on the Brisbane bid's budget, stating that it would also rely on $1.7bn from Australian sponsors of the Games and ticket sales of $1.3bn.

International broadcast rights will contribute around $951 million, though this figure will change as deals are completed ahead of 2032.

Ipswich Stadium is one of the new venues to be built ahead of the 2032 Olympics (artist's impression pictured)

Suncorp Stadium is one of many existing facilities in south-east Queensland that will comprise more than 80 percent of venues for the 2032 Olympic Games 

The Gold Coast will provide six venues for Olympic sports, with 2600 athletes and officials housed in a satellite village at Robina. The Sunshine Coast, Cairns, Townsville, Toowoomba, Sydney and Melbourne will also host events

Despite the assurances of a leaner, more sustainable Olympics that will leave Brisbane and its surrounding regions with infrastructure they will actually use post-Games, not everyone is on board. 

More than 130,000 people signed a Change.org petition to deny Queensland Premier Annastacia Palaszczuk an exemption to leave Australia to put the state's final pitch to IOC delegates in Tokyo.

The petition started in response to Ms Palaszczuk being a key agitator in the push to halve the number of international arrivals into Australia, yet she would need to stay in hotel quarantine on her return to the country.

She was also criticised online for encouraging people to attend live sites in Brisbane and elsewhere to celebrate the 2032 bid announcement with fireworks displays, despite Covid lockdowns hitting 14 million Australians. 

A number of 'No Olympics in Brisbane' Facebook pages have also cropped up, while former Brisbane Lord Mayoral candidate Rod Harding earlier described the Olympics as a '17-day sugar hit that'll leave our city with a multi-million dollar hangover'. 

'I'd call us the schmucks because we're the only ones bidding,' said a Brisbane resident calling into ABC Brisbane on Monday morning. 'We're getting something we potentially don't really want and can't afford. It's going to cost the city a small fortune.'

Queensland Premier Annastacia Palaszczuk poses with Brisbane Lord Mayor Adrian Schrinner ahead of the announcement on Brisbane's bid by the IOC in Tokyo

A Sunshine Coast resident said, 'The Premier and hangers-on shouldn't be wasting taxpayers' money, Queensland is in a deep hole of debt, the Premier should consider saving our taxes.'

By contrast, the IOC's Future Host Commission report on Brisbane's suitability for the event states: 'Sport-crazy local and national fans are behind the project, with two-thirds of the local and national population pledging their support in an IOC opinion poll carried out in January 2021.' 

The Sydney 2000 Olympics remains a stand-out Olympics, which then IOC  President Juan Antonio Samaranch called 'the best Olympic Games ever'. The city's wholehearted participation in the event created its legacy. 

Whether Brisbane with its collection of older venues spread across south-east Queensland and a 50,000-seat stadium for the showpiece ceremonies (Sydney had 110,000 people in the Olympic Stadium at Homebush) can rival the heights of Sydney remains to be seen.  

Perhaps the biggest thing in Brisbane's favour is encapsulated in a line from the IOC's Future Host Commission report: 'For the Olympic movement, Brisbane 2032 represents certainty in uncertain times.'