The Australian government has confirmed it will contribute A$3.435 billion ($2.25 billion) towards the A$7.1 billion cost of building the venues for the 2032 Brisbane Olympics, clearing the way for the start of construction.
Queensland taxpayers and private finance will provide the balance of the money for the 17 new and upgraded venues for the Summer Games under the funding deal announced by state and federal governments on Thursday.
"The Sydney 2000 Games left an incredible legacy and many Australians have memories that have lasted for decades," Federal Infrastructure Minister Catherine King said in a statement.
"We are ready to deliver a Brisbane 2032 games that will leave the same incredible legacy for Queensland.
"The Australian government's commitment of A$3.4 billion towards the Games venues is the single largest contribution any Australian government has made towards sporting infrastructure in this country."
Brisbane was awarded hosting rights for the Games in 2021, but political wrangling over the venues meant the final plans were not decided until March this year.
Organising committee chief Andrew Liveris welcomed Thursday's announcement as a "significant shift in forward momentum".
"I thank the Australian and Queensland governments for moving swiftly following the Australian government's recent return to office to agree on intergovernmental funding that will ensure physical works can get underway," he said.
The main stadium, which is estimated to cost A$3.7 billion, will be built in the city's Victoria Park and seat 60 000 during the Olympics and 3 000 more for Australian Rules football and cricket matches after 2032.
A new aquatics centre to host the swimming in 2032 will also be built nearby at an estimated cost of A$650 million.
"Today's landmark agreement is the beginning of a new partnership that sets the pathway to deliver 2032 as the best Games ever," said Queensland's Deputy Prime Minister Jarrod Bleijie.
"We've also launched procurement on four key projects to kickstart the delivery of world-class venues in the delivery plan.
"I can also announce that we will start site investigations at Victoria Park for Australia's most exciting sporting precinct that will be home to the new main stadium and the new National Aquatic Centre."
Liveris said in May that he did not think any ground would be broken on the two major new venues until the end of 2026.
The federal government has already committed A$12.4 billion for local transport improvements that the Queensland government believes are necessary for 2032, the statement said.