Sydney, July 21 : The Australian Olympic Committee (AOC) applauded the success of Brisbane's bid for the 2032 Summer Olympic Games and promised a Games to "serve Olympic ideals". In a statement on Wednesday, the AOC thanked the members of the International Olympic Committee (IOC) for their decision to award Brisbane, capital city in the state of Queensland and the country's third largest city, the right to host the Summer Olympic and Paralympic Games in 2032. The successful bid also makes Brisbane the third Australian city hosting Olympic Games, following Sydney in 2000 and Melbourne in 1956. AOC president John Coates said Brisbane, Queensland and all Australians stand ready to deliver an Olympic and Paralympic Games that will repay the trust shown by members that Australia can deliver the world's greatest sporting event to the very highest standard, reports Xinhua. "This is a very proud day for Australia, make no mistake. I thank the IOC members for their confidence. Brisbane 2032 is genuinely committed to serving the ideals of the Olympic movement," he said. "The Olympic Games in Brisbane will be in the most diligent, grateful and enthusiastic hands. And I make this commitment to the athletes of the world - we will provide you with an unforgettable experience," he added. With Brisbane as the host city, the Games are scheduled to take place in zones across Brisbane, Sunshine Coast and the Gold Coast, and are expected to bring great benefits to the local economy. "We know from the independent financial analyses that a benefit of 8.1 billion Australian dollars for Queensland and 17.61 billion Australian dollars for Australia is projected. We have talked about the Games becoming a catalyst for much needed infrastructure and the jobs and tourism that will flow to all of Queensland and beyond," Coates said. He said the 4.941 billion Australian dollars it will cost to put the event on will be offset by a contribution from the IOC plus sponsorship and ticket sales. The Games will be cost neutral from an operational perspective. Australian Prime Minister Scott Morrison said, "It's a historic day not just for Brisbane and Queensland, but for the entire country." "It also marks an important leap forward for Australia as we look toward major events that lock in economic growth and social benefits that will echo for years to come." /IANS