THE Brisbane 2032 Olympic whitewater venue could become a “river of gold”, with Redland City Council’s latest financial modelling predicting a multi-million-dollar operating profit instead of an ongoing cost to ratepayers.
The bold prediction came during a Council debate in which infrastructure chief Chris Isles declared updated financial modelling continued to show the Olympic venue would operate at a significant profit, even as some councillors questioned why they had not yet seen the latest figures.
“We do not believe there is a basis for concern in terms of the operating costs and the burden it might place on
ratepayers,” Mr Isles said.
The comments came after Division 1 councillor Wendy Boglary pressed officers on when councillors would receive updated business cases for the project, saying she was uncomfortable supporting the planning framework without knowing the financial implications.
“I want to enable it. I know all that,” Cr Boglary said.
“But I’m very uncomfortable with what the costs are, especially the enabling infrastructure Council has to supply and the ongoing operational costs.
“If I vote for this today, I’m committing to work that will flow from it, but I don’t know what the costs are.”
Mr Isles told councillors updated financial modelling was being prepared as part of a broader investment decision for the proposed swimming lagoon and its relationship with the whitewater venue.
“We’ll bring that report back in the next couple of months,” he said.
“It will form part of the decision around the investment in the swimming lagoon
“It will consider the two elements concurrently – the whitewater venue and the swimming lagoon – including the engineering and the operating model and how that will move forward.”
He reiterated that officers did not believe the underlying financial outlook for the whitewater course had changed.
“As we’ve consistently reported in these chambers over many years, which we don’t believe has fundamentally changed, demonstrates that the whitewater venue in its own right will generate a multi-million-dollar profit.”
The Council’s confidence echoes previous comments from sporting and business leaders, who have argued the venue’s long-term success will depend on its post-Games community use, tourism appeal and ability to host national and international events.
Councillors ultimately voted to note the final Local Government Infrastructure Designation (LGID), establishing the statutory planning framework for the former Commonwealth land at Old Cleveland Road East and allowing planning to continue for community, cultural, recreation and sporting facilities, including the whitewater course.
Mr Isles described the LGID as a crucial milestone that provided planning certainty before more detailed engineering, financial and delivery work could be completed.
“The LGID provides the certainty of the uses and planning framework that allows us to then provide the more detailed analysis,” he said.
He also pointed to immediate financial benefits from approving the planning framework, saying it would allow Council to begin activating parts of the precinct, including the historic Willards Farm.
He said the venue could not currently host weddings, concerts and commercial functions under existing planning arrangements.
“If we don’t progress this today, it would actually result in a financial loss or missed revenue opportunity for the organisation because those activities could not proceed,” he said.
Cr Jason Colley said the designation represented another major milestone in transforming the former Commonwealth land into a long-term community asset.
“This isn’t just about the Olympics. It’s about creating a precinct that will serve the Redlands for generations,” he said.
He said delaying the planning framework would only increase construction costs and postpone opportunities to generate income from the site.
“If we’re serious about being financially responsible about this precinct and its development, we look to move it forward instead of delaying in an environment where we know construction costs continue to rise.”
