Anthony Albanese has withdrawn from a 50/50 split between the Federal and Queensland Governments ©Getty Images

The new Australian Prime Minister Anthony Albanese has withdrawn support for a 50-50 funding deal with the Queensland State Government for the Brisbane 2032 Olympic and Paralympic Games, going against a promise made by his predecessor, Scott Morrison.

Former Liberal leader Morrison had previously made the pledge in April 2021, three months before the Games were given to the Australian city.

In the 2022 election in May, Albanese was elected Prime Minister, representing the Labor Party.

Despite Queensland Premier Annastacia Palaszczuk being politically aligned with Albanese, this pledge has been reneged.

Albanese was elected just months after the invasion of Ukraine, which has led to higher fuel prices and inflation - with it reaching its highest point since 1990 with an increase of 7.3 per cent in the third quarter of 2022.

As a result, recent budgets from the Federal Government have halted work on some road projects beneficial to Queensland.

His Government has also not committed yet to a redevelopment of the Brisbane Cricket Ground, also known as the Gabba.

The Gabba is expected to host athletics events at the Games.

Dam projects at Hell's Gate and Urannah have been postponed as well, along with the Rockhampton ring road.

Former Prime Minister Scott Morrison said the Australian Government would go
Former Prime Minister Scott Morrison said the Australian Government would go "50-50 on everything" previously ©Getty Images

Albanese explained that this was not an "ominous" situation, saying they wanted to hear business cases before committing to public money.

"My Government isn't like our predecessors who decided things without any detail," said Albanese during the Labor Party conference.

"We'll front up for our share of the investment.

"We want it to happen, we want it to be successful."

"There's nothing ominous about this, we're just making sure we're diligent and getting value for money," added a spokesperson for the Labor Party.

It comes after the Prime Minister dropped support for 50-50 health funding too.

With a decade still to go, Australia is to hold three more federal elections prior to Brisbane 2032 - in 2025, 2028 and 2031.