Anthony Albanese has said the Gabba will have a "substantial price tag" ©Getty Images

Prime Minister of Australia Anthony Albanese has said the Gabba Stadium would require a "substantial price tag" for its redevelopment for the Brisbane 2032 Olympic and Paralympic Games, with the level of funding from the Australian Government still unclear.

Deputy and Acting Premier of Queensland Steven Miles said this week the Gabba redevelopment is expected to exceed the AUD $1billion (£567 million/$691 million/€641 million) forecast.

Miles is stepping in for Queensland Premier Annastacia Palaszczuk until she returns from leave on January 23.

Off the back of this new projection, Albanese was cagey about what this new cost could be.

"There will be a substantial price tag [for the Gabba]," said Albanese to ABC. 

"But of course, it's an investment in Queensland hosting the Olympic Games.

"It will be the largest event that's ever been held in Queensland."

Anthony Albanese became Prime Minister of Australia shortly after the war in Ukraine started, with inflation affecting the world since ©Getty Images
Anthony Albanese became Prime Minister of Australia shortly after the war in Ukraine started, with inflation affecting the world since ©Getty Images

While his predecessor Scott Morrison pledged 50-50 funding, Albanese has been less committed to this, leading to Queensland road projects being halted.

Inflation has been blamed for the tightening of the purse-strings, with Albanese saying he remains set on a "positive contribution" for Games funding.

No funding agreement has yet been made, with the Prime Minister stating he would not meet Palaszczuk until the next national cabinet meeting in early February.

Albanese continued to not commit to the 50-50 figure, when asked by ABC.

"We will do our share and you will see a very positive contribution from the Commonwealth on the Olympic Games," said Albanese.

"How do you make sure every dollar that's invested has lasting benefits, not just to Brisbane, but the people of Queensland and the country. 

"There will be events and activities throughout Queensland.

"It's a major benefit. 

"We want to make sure that we get it right."

Queensland Premier Annastacia Palaszczuk will meet with Anthony Albanese shortly after returning from her leave ©Getty Images
Queensland Premier Annastacia Palaszczuk will meet with Anthony Albanese shortly after returning from her leave ©Getty Images

Albanese's reluctance to spend will be at odds with the Queensland Government, who would need to raise funds at state level instead.

The Prime Minister and Palaszczuk are allies, with both representing the Australian Labor Party.

However, the Prime Minister has said talks remain constructive.

"The Premier's on leave at the moment, a well-deserved break," Albanese added.

"When she's returned we have a national cabinet meeting scheduled for the first week of February.

"I will be speaking with Premier Palaszczuk then."

Brisbane is set to be the third Australian city to host the Games, after Melbourne in 1956 and Sydney in 2000.