Prime Minister Scott Morrison says it is "absolutely" worth spending $10 million to try and get the Olympics hosted in Queensland in 2032, even at the risk of the effort falling short.
The federal government has committed the cash in its bid to have the games held in the state's south east.
"This is absolutely worth a shot," Mr Morrison told reporters in Cairns on Thursday.
"I mean, I'm a Sydney boy and I know what it did to our city and I know what it did for Australia and I know what it did for the national economy at that time as well. And I know what it can do for Queensland and for Australia.
"So look, they had me at hello when this was first raised."
The leader said he met with International Olympic Committee President John Coates on a recent trip to Osaka and was already in "bidding mode".
He joked "See, you've got to understand the rivalry between Queensland and New South Wales. Queensland will want to do it even better than Sydney.'"
Queensland LNP federal MP Ted O'Brien is helping with the bid on behalf of the Commonwealth, working with both state and local governments.
Australian Associated Press