Bris-drain Olympic Games fears

TOWNSVILLE economist Colin Dwyer has warned spending on the 2032 Olympic Games would be a drain on the regions.

While no new funding for the Olympics and Paralympics were named in the budget, the Townsville Bulletin understands the Commonwealth intends to spend between $5.8$6bn over the next decade on its 50/50 funding deal with Queensland.

Mr Dwyer (pictured) said the “Brisdrain” Olympics was likely to have massive cost blowouts.

“This means on a 50/50 contribution the public investment allocation is now likely to be $12bn; more than double the initial cost estimates,” Mr Dwyer said. “So Queenslanders can expect state public debt to soar at a time when debt servicing is expected to cost more.

“We will all pay for this increased debt. But even more concerning, such a large amount of SEQ Olympics infrastructure expenditure will compete with crucial regional projects for both funding and skilled workers.

“We need a guarantee, a project security plan that there will be no net loss caused by the Brisdrain Olympics,” he said.

Despite Mr Dwyer’s concerns about the impact the Olympics could have on future spending in the regions, he said the budget had offered up some goodies for the North.

“Rural GPS have been incorrectly classified under Medicare in the past. This budget recognises their remote challenges and provides Medicare incentives that will help recruit and retain GPS in the bush,” Mr Dwyer said. “$400m goes to solving unsafe sections of the Bruce Highway. This isn’t enough to duallane this important transport facility, but it demonstrates the Bruce is a priority for the federal government.”