Taxpayers in Queensland may end up footing the multi-billion dollar to redevelop the Gabba for the 2032 Olympic and Paralympic Games in Brisbane ©Getty Images

Queensland taxpayers look set to have to pay the full cost of rebuilding the Gabba in time for the 2032 Olympic and Paralympic Games in Brisbane but a deal may be worked out that sees the final split for infrastructure projects being shared equally between the Federal and State Governments.

Under the deal, reported by the Brisbane Times, the Government in Canberra would not contribute to the multi-billion-dollar bill for the redevelopment of the Gabba, which is due to stage the Opening and Closing Ceremonies and the athletics.

But they help fund for other projects, including a proposed new aquatics venue known as Brisbane Live, an AUD$2.1 billion (£1.2 billion/$1.4 billion/€1.3 billion) multipurpose entertainment and sporting arena above Roma Street railway station in the central business district of Brisbane.

Queensland Premier Annastacia Palaszczuk originally put the cost of demolishing the Gabba, originally built in 1895 and best known for hosting cricket, and rebuilding it to a capacity of 50,000, at AUD$1 billion (£560 million/$691 million/€640 million).

That is only 8,000 more than its current limit and the State Government has admitted that the project will come in above the original estimate, with some claiming it could be as high as AUD$2.5 billion (£1.4 billion/$1.7 billion/€1.6 billion).

Potential costs for the redevelopment for the Gabba, which is due to host the Opening and Closing Ceremonies at Brisbane 2032, has rocketed since the Australian city was awarded the Olympic and Paralympic Games ©Queensland Government
Potential costs for the redevelopment for the Gabba, which is due to host the Opening and Closing Ceremonies at Brisbane 2032, has rocketed since the Australian city was awarded the Olympic and Paralympic Games ©Queensland Government

Before Brisbane was officially awarded the 2032 Olympic and Paralympic Games, and before the estimated costs of the Gabba skyrocketed, Australia’s then-Prime Minister Scott Morrison promised the Federal Government would cover half the Games’ costs if Queensland was awarded the event.

But Morrison’s conservative coalition was beaten last May in the election by Labor’s Anthony Albanese.

Albanese has refused to commit to a 50-50 split, instead preferring to say that his administration would "do our share".

Talks on Olympic funding have been taking place in Brisbane between the Federal Infrastructure Minister Catherine King and Treasurer Jim Chalmers and Queensland officials,

King today refused to go into details about potential funding models.

The Federal Government may help fund Brisbane Live, a new multi-purpose entertainment and sports venue to host aquatics during the Olympic and Paralympics ©Brisbane Development
The Federal Government may help fund Brisbane Live, a new multi-purpose entertainment and sports venue to host aquatics during the Olympic and Paralympics ©Brisbane Development

Earlier, a spokeswoman for King told the Brisbane Times both Governments were "continuing to have cooperative discussions about investment in Olympic Games venue infrastructure".

Officials earlier revealed that the Queensland Government was working on the basis that Canberra would provide a "fair contribution".