With Brisbane as the host city, the Games are scheduled to take place in zones across Brisbane, Sunshine Coast and the Gold Coast, and are expected to bring great benefits to the local economy.

"We know from the independent financial analyses that a benefit of 8.1 billion Australian dollar (about $5.93 billion) for Queensland and 17.61 billion Australian dollar (about $12.88 billion) for Australia is projected. We have talked about the Games becoming a catalyst for much needed infrastructure and the jobs and tourism that will flow to all of Queensland and beyond," Coates said.

He said the 4.941 billion Australian dollar (about $3.62 billion) it will cost to put the event on will be offset by a contribution from the IOC plus sponsorship and ticket sales. The Games will be cost neutral from an operational perspective.

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

"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."