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In summer 2032, the world's largest sporting event will head to Brisbane, Australia.

The International Olympic Committee announced Wednesday in Tokyo that Australia will host the Summer Olympic games for the third time. 

Brisbane will also host the Paralympic Games. 

Adrian Schrinner, the lord mayor of Brisbane, said the effort to make Brisbane a host city began six years ago under his predecessor. 

"Our purpose was to seek an amazing, once-in-a-lifetime opportunity for our region and for our city," Schrinner 

He said hosting the Olympics and Paralympics will provide an $8.1 billion boost for the Queensland region economy. 

, the estimated cost to prepare Brisbane for the event is $5 billion. 

Whether Olympic host cities actually gain economically from holding the event is unclear, 

The Council on Foreign Relations, a nonpartisan think tank, said 

the Rio de Janeiro 2016 games left the city struggling with debt and high maintenance costs for abandoned facilities just one year after the event.

The organization also pointed to the 1976 Summer Olympics in Montreal that "came to symbolize the fiscal risks of hosting." The projected cost of readying the city for the games, $124 million, was billions below the actual cost. The city's taxpayers were left with some $1.5 billion in debt that took nearly three decades to pay off.   

The IOC member nations had an easy choice to make Wednesday. Brisbane was the only option still in the running to be a host city.

, leaving officials from Qatar, Hungary and Germany, who also attempted a run at the 2032 hosting effort, out in the cold.

Australia previously hosted the Olympic Games in Melbourne in 1956 and Sydney in 2000. 

 the 2024 Olympics; Milan and Cortina d'Ampezzo in Italy will host in 2026; and Los Angeles will host in 2028. Beijing is hosting the 2022 Winter Olympics.  

Sports

Olympics and Paralympics

Jaclyn Diaz

Author

This will be Australia's third time hosting the Olympic Games after Melbourne in 1956 and Sydney in 2000. 

Australia to host the Olympics for the third time in 2032 after Brisbane wins its bid

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