Brisbane to host 2032 Olympics

On Wednesday, the International Olympic Committee announced Brisbane, Australia, as the host for the 2032 Summer Olympics, the Associated Press reported. It will be the third time Australia will host the games.

Related: How US athletes are traveling to the Tokyo Olympics this summer

"It's a historic day not just for Brisbane and Queensland, but for the entire country," Australian Prime Minister Scott Morrison said in a press statement. "Only global cities can secure the Olympic Games – so this is fitting recognition for Brisbane's standing across our region and the world."

Today's news comes as no surprise, as the IOC gave the city "exclusive negotiating rights" in February to avoid competing bids from Germany, Hungary and Qatar, per the AP.

Australia first hosted the Summer Olympics in Melbourne in 1956, and then in Sydney in 2000.

Read more: More woes for the Tokyo Olympics see all spectators banned, and Fiji's team arriving in a cargo plane full of fish

"We know the impact on Sydney more than two decades ago was transformative," continued Morrison. "We can now expect a repeat for Brisbane and communities across Queensland."

The country will also host the Paralympics in 2032.

It's estimated that hosting the Olympics will yield $8.1 billion in economic and social benefits for Queensland and $17.6 billion for the country as a whole, according to the prime minister's statement.

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"We will see Brisbane and Queensland deliver an Olympic and Paralympic Games which are affordable, beneficial and sustainable for Queensland and Australia," minister Richard Colbeck said. "In the coming years investment in infrastructure will continue to ensure transport and venues are not just fit for the purpose of the Games but support future growth in the region and remain shining examples of Australia's success in staging some of the most important global events."

In addition, Ted O'Brien, who has served as the representative for the Queensland bid, said he expects the games to create approximately 120,000 new jobs, including 90,000 in Queensland.

Related: Australia won't reopen to international travel until 2022

"As the Games approach, Queensland will be well-positioned to host training camps and Olympic teams as they arrive and acclimatise prior to the start of competition and in the years before the Games," said O'Brien. "Construction, services, retail and hospitality will all be winners, and then there are the social benefits from health and wellbeing, social inclusion and improved accessibility for people with a disability."

My TPG colleague Ben Smithson, who is Aussie, says Brisbane isn't much of a tourist destination itself, and would guide you to nearby Gold Coast.

"It's the theme park capital of Australia (think Orlando) and has great beaches and nightlife," he said. "Brisbane was primarily awarded the games after Gold Coast ran a successful Commonwealth Games in 2018 so most venues are already built."