BRISBANE will continue to play at the Gabba through to the 2032 Olympic Games, but chairman Andrew Wellington says it's a "missed opportunity" after a proposed new stadium was rejected by the Queensland government on Monday.

Premier Steven Miles announced $2.7 billion would be spent on upgrading the Queensland Sport and Athletics Centre, Suncorp Stadium and the Gabba ahead of the Olympics.

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In the process, he rejected the findings of an independent review that recommended a new $3.4 billion stadium, to seat 55,000, be built in inner-city Victoria Park that would host the Olympics and also be home to cricket and the Lions.

The silver lining for the Lions is they won't have to find a temporary home ground for four years, as was thought to be the case when a demolition and rebuild of the Gabba was proposed for 2025-2029.

However, they are now left with a venue the independent Quirk review says will reach the end of its useful life by 2030.

Speaking on ABC Radio in Brisbane, Wellington said he thought the Victoria Park option was worth further exploration.

"It does feel like a bit of a missed opportunity," Wellington said.

"I think the current plan as outlined will leave Brisbane without a tier one round or oval stadium, which will leave us a long way behind Melbourne, Sydney, Adelaide and Perth.

"And the Gabba is aging."

The Quirk report indicated the Gabba would require $1 billion in renovations to ensure it met future building codes.

Miles said QSAC would receive $1.6 billion of the funding to renovate it as the track and field venue for the Games, with the remaining $1.1 billion split between Suncorp Stadium, to be used for Opening and Closing ceremonies, and the Gabba.

"I really think the can has been kicked down the road here," Wellington said.

"There's going to have to be some significant investment in the Gabba at some point in the future, or an alternative found.

"I know the premier has said the investment in QSAC was the cheaper option, but the independent review was very clear that while it might be cheaper, it's not necessarily the best value for money."

Queensland will have a State Election in October.