Brisbane could find out as soon as July whether it has won the rights to host the 2032 Olympic Games, the Queensland premier says.
The state government on Monday struck a 50-50 infrastructure funding deal with the federal government for infrastructure for Brisbane's 2032 Olympic bid.
Premier Annastacia Palaszczuk says guarantees have been sent to the International Olympic Committee (IOC), which could award the hosting rights as soon as the Tokyo Games in July.
"That's the next big step, there's another big step in May and then of course there could be a decision as soon as Tokyo about awarding 2032," she said.
Prime Minister Scott Morrison agreed to the joint funding arrangement, provided a jointly owned, funded and run Olympic infrastructure agency was set up to oversee all projects.
He said it would be a "genuine partnership" with shared costs and responsibilities.
"This takes the Olympics out of the day-to-day politics," Mr Morrison said in a statement on Monday.
"It provides a platform for bipartisan support at every level of government and lets those who we will jointly appoint to get this job done, to just get on with it."
The Queensland government said it received the Commonwealth offer at 3.57 on Monday afternoon, little more than an hour before the 5pm deadline for guarantees to be sent to the IOC.
Ms Palaszczuk had been calling for the deal to be concluded for at least two weeks before the deadline.
She said the IOC President Thomas Bach and lawyers had gone through the Brisbane bid's guarantees on Monday night and the Olympics would be "good to go".
"I thank the prime minister for getting me such a prompt response," the premier said.
"He met the deadline, that's the main thing. Just get on with it, come on."
Ms Palaszczuk said the deal would allow development of the Gabba to be the main stadium at a cost of more than $1 billion, as well as a host of other infrastructure including venues, roads and community facilities.
She said the Queensland government had a strong track record of joint projects with the Commonwealth.
"We do this around Queensland with a whole range of projects, and we can definitely do it when it comes to the Olympics," the premier said.
"So it will set Queensland up for decades to come. Sydney had its time to shine (at the 2000 Olympics), and in 2032, Brisbane, Queensland, it's going to be fantastic."
Meanwhile, Kennedy MP Bob Katter has called out the Commonwealth's investment in the Olympic bid, saying funding could be better utilised in North Queensland infrastructure projects.
Mr Katter described the announcement as an unprecedented public relations vote-buying campaign, and said Australia should be injecting funding into areas that make the country more self-sufficient.
"That $500 million would build the Hughenden Irrigation owner/occupier ballot scheme and move 300,000 people out of the COVID rabbit-warrens of Australia's metropolitan hellholes, into the highest quality of life in the world and feed half of the billion people that go to bed starving every night," he said.
Australian Associated Press