The 2026 Commonwealth Games won’t go ahead in Victoria as planned due to funding issues.
Victorian Premier Daniel Andrews made the announcement this morning, saying the cost of the Games was expected to blow out to triple the amount of the allocated budget.
Andrews said revised forecasts of $6-7 billion were “too much” to fund the event.
“I will not take money out of hospitals and schools to host an event that is three times the cost estimated and budgeted for last year.”
The Victorian Government allocated $2.6 billion to fund the Games, which were to be held in regional centres across the state.
Instead of spending those funds hosting the Games, the Government will now redirect the money to the regions.
It has committed to a $2 billion package to support regional sporting venues and tourism and funding to boost regional social and affordable housing.
The Commonwealth Games happens once every four years.
The Victorian Government was approached by Commonwealth Games organisers to host the 2026 games last year, after no other city submitted a bid.
Their bid was approved early last year.
The announcement comes amid significant financial strain for the Victorian Government, which has over $100 billion in debt.
The Government was forced to make several cuts in its May Budget, including a delay to the state’s Airport Rail project.
Negotiations to terminate the Government’s contract aren’t yet complete, and it isn’t clear if the 2026 Games will go ahead elsewhere.