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Australian Olympic Committee president John Coates says Queensland hosting the 2032 Olympics will help the nation recover from the coronavirus pandemic.

Hosting the 2032 Olympics in Queensland would be a critical part of Australia's recovery from the coronavirus pandemic, according to Australian Olympic Committee president John Coates.

Coates said the $4.5 billion cost of hosting the Games in the Sunshine State will be covered by the International Olympic Committee, sponsors and ticket sales.

"I have always believed in making necessity a virtue," Coates said on Tuesday.

"There is already a need for jobs and growth in the Queensland economy arising from the impact of COVID-19.

"Our partner three levels of government recognise a potential 2032 Olympic and Paralympic Games as a critical part of the state and nation's economic recovery in the short term, quite apart from all of the long-term health, wellbeing, economic and sporting legacies."

Coates, speaking at a launch of a Parliamentary Friends of the Olympic Movement, said the south-east Queensland bid, with Brisbane as its central Hub, was a "clear and exciting" opportunity for Australia.

"For any of you who may be concerned about the $4.5 billion cost of conducting the Olympic and Paralympic Games, the IOC has already committed $2.5 billion at least, being the amount of its contributions to the 2028 Games in Los Angeles," he said.

"The balance will be covered by national sponsorships and ticket sales.

"And I stress, these days the IOC encourages, requires, the use of existing and temporary community and sports venues for which in the case of south-east Queensland, with Cairns and Townsville for football preliminaries, 85 per cent are existing."

Accelerating the Queensland bid had been put on hold amid the coronavirus pandemic, which forced the Tokyo Olympics to be postponed from this year until 2021.

Coates said an IOC decision on the 2032 host could be made "as early as 2022 or 2023".

Other bids were expected from Germany, India, Spain and jointly, South and North Korea.