Coates made the comments during his address to AOC members at the organisation’s Annual General Meeting today.

The International Olympic Committee (IOC) announced Brisbane as its preferred bidder for the 2032 Games in March.

The project took its latest step forward in April when Australian Prime Minister Scott Morrison pledged the Federal Government will cover half the costs, adding contributions from state and local Governments.

Coates said confirmation of the funding, as well as the commitment to a shared governance model and an Olympic Infrastructure Authority, allowed Queensland Premier Annastacia Palaszczuk to submit priority guarantees to IOC President Thomas Bach.

The AOC President said the IOC is now evaluating the project.

"IOC due diligence testing of every element of the Brisbane project is now underway," Coates said.

"If this diligence yields a positive final report, the proposal to host the Games in 2032 will go to a vote of the full IOC membership.

"Friends, this is the pathway for Brisbane to host the Olympic and Paralympic Games in 2032.

"And the reality is this: for Brisbane and Queensland, the bell for the last lap has rung.

"We have final hurdles to clear before the tape is breasted.

"But with all levels of Government, the AOC and Paralympics Australia, working in genuine partnership, as members of the Brisbane 2032 Olympic Candidature Group, Brisbane 2032 runs with confidence and cohesion - as it should, and as it must."

Coates comments suggest a possible announcement could be made at the IOC Session at Tokyo 2020.

Should formal approval come from the IOC, Australia would host the Olympic Games for the third time after Melbourne in 1956 and Sydney in 2000.

Coates said the Queensland Government projects Brisbane 2032 could result in AUD8.6 billion (£4.8 billion/$6.7 billion/€5.5 billion) in increased export opportunities, economic benefits of AUD7.4 billion (£4.1 billion/$5.8 billion/€4.7 billion) and an increase in international tourist expenditure by AUD20.2 billion (£11.3 billion/$15.8 billion/€13 billion).

The Games are projected to create 30,000 direct jobs, including 10,000 in the Games year and 10 of thousands of indirect jobs, it is claimed.

"It would be an injection of stimulus the likes of which Queensland has not experienced before," Coates said.

"Creating sport legacy opportunities for which the AOC, Queensland and Australian Governments are already planning for. 

"But more than this, another Australian Games would also create that wonderful Olympic feeling which gripped Melbourne in 1956 and Sydney in 2000.

"Quite simply, there is nothing like it.

"There is nothing like living it, and there is nothing like hoping for it.

"It gives young aspiring athletes, who would not even be 10 years of age today, dreams to chase.

"It also gives the entire community positive targets to achieve.

"An Olympic Games can have the effect of normalising all of the vital traits of healthy living - of healthy eating and exercise - of big work ethics and pushing ourselves to be better just as our athletes do, but in our own way.

"I suspect many millions of Australians would target the Games as a moment in time to reach their lifestyle, health and career goals.

"And that is the galvanising power of hosting an Olympic and Paralympic Games."

Brisbane is poised to be the first city to be awarded a Summer Olympic Games under the IOC's new process for selecting the host of its flagship event.

In 2019 it established Future Host Commissions, which identify and recommend venues for the Games and enter into dialogue with prospective countries and cities over staging them.

This has led to the previous approach of pitting competing cities against one another to host the Olympics for a given year, and then announcing the winner seven years in advance, being abandoned.

The new process has resulted in criticism due to a lack of transparency, while disappointing other contenders for 2032 including North and South Korea, Qatar, Germany, India, Hungary and Indonesia.