President of the Australian Olympic Committee John Coates has allayed concerns Brisbane holding the Olympic Games in 2032 would waste taxpayer money. 

At 4am this morning, the International Olympic Committee (IOC) named Brisbane its preferred candidate, moving the city one step closer to successfully claiming the event.

Brisbane residents have expressed concern over a proposal for the main stadium being built at Albion Park.

“We didn’t present a plan based on Albion Park,” said Mr Coates.

“This bid is not predicated on that proposal.”

Mr Coates said the IOC does not expect countries to commit to new infrastructure in order to hold the event.

“The IOC wants you to have existing venues and temporary venues.

“If new venues are planned or going to happen because of population growth, fine, but nothing should be built for the games.”

Mr Coates said the Olympic bid will be decided ahead of the Tokyo Olympics in July.

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Image: Nine News