The modest figure for a businessman formerly chief executive and chairman of The Dow Chemical company is seen as a sign of his commitment to delivering a successful Olympic and Paralympic Games in the city he was educated in.

Liveris was born in Tasmania but attended school and university in Queensland before joining Dow and leaving Australia to pursue his corporate career abroad.

He was appointed chief executive of Michigan-based Dow in 2004 and chairman two years later.

Liveris stood down from all his senior roles at Dow in 2018.

In 2016, he had been appointed by then United States President Donald Trump to head his American Manufacturing Council.

Liveris is now chairman of Lucid Group, Inc. an American manufacturer of electric luxury sports cars and grand tourers.

He also sits on the Boards of some of the world’s top companies, including IBM and, more controversially, Saudi Aramco, the Saudi Arabia state owned petroleum and natural gas company.

On top of the approved annual fee to lead Brisbane 2032, Liveris received a further AUD$51,058 (£26,627/$32,309/€30,754), the Organising Committee’s inaugural accounts reported by The Australian reveal.

This would take in the extended reporting period.

Total expenses for the Brisbane 2032 set-up were AUD$6.6 million (£3.4 million/$4.2 million/€4 million), including AUD$1.6 million (£834,000/$1 million/€964,000) in establishment costs and staff recruitment.

Wages for the small start-up team, comprising 13.5 full-time equivalent positions, was AUD$2.5 million (£1.3 million/$1.6 million/€1.5 million) while Board allowances and costs came in at $1.4 million (£730,000/$886,000/€843,000).

Five meetings of the 22-strong Brisbane 2032 Board were held during the period the accounts cover.

In June, Brisbane 2032 received an advance of AUD$15 million (£7.8 million/$9.5 million/€9 million) from the International Olympic Committee on international broadcast fees for the Games.

In his President’s statement, Liveris said: "We have spent much of the year educating ourselves, our Games delivery partners and the Queensland community on what it means to host an Olympic and Paralympic Games, the planning process and Games life cycle, and how we can work together to maximise the opportunities that they present."

Cindy Hook, the American-born chief executive of Brisbane 2032, was paid $333,000 (£173,815/$210,996/€200,753) during the reporting period.

She was previously chief executive of Deloitte Asia Pacific.

"Critical to our long-term success will be ensuring our planning remains centred around sport," Hook said in the report.